While oil is not making a lot of headlines because it's still trading pretty far from its all time high achieved in mid 2008, the rest of the commodity complex is on steroids and in complete denial of economic reality.
The CCI (the original methodology of the CRB index) is now reaching all time high after all time high, and is more than 20% above it's 200 DMA. This shows that it is extremely overbought.
Things can go pretty wrong from here, when sentiment is so much one-sided and people are betting on commodities with a 20-to-1 leverage (what you get with Futures contracts).
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