From the looks of oil and base metals it’s not looking good yet. The precious metals are bouncing, but they are different and will bear watching for reasons aside from those that drive commodities. Well, gold anyway.

All of what inflation bull promoters call the ‘natural resources’ are so beaten to a pulp that a seasonal bid could come at any moment.

Here are the Aussie and Canada dollars, which would have a say in whether the commodity sector is going to bounce, since they had a long and drawn out say in how bearish they were. XAD and CDW can be interpreted to be at support.