de ja vu, page-164

Reconciling recession and triple top breakout in commodities.

Recession is in US, demand comes from growing economies such as China, Russia, India and parts of Asia.

As long as growing economies keep growing albeit at a lesser rate due to US recession; demand for commodities is going to been maintained.

China growth may drop a couple of percentages this year say to 9% but is still from a much bigger economic base than say a 11% growth in 2003. Put it another way, a 9% growth in 2008 is going to be larger than a 11% growth in 2003.

Russia's oil and gas revenues are substantial and it appears to me, Russia is spending a lot of money in infrastruture, spell commodities.