The currencies have been driving much of the Commodity story lately. I believe the risk of the Dollar breaking out (along with rates moving higher) is too great. Maybe I'm wrong.
Continuous Commodity Index + Fund Weighting (low)
CCI v CPI (low?)
Global Asset Allocation
Don't fight the FOMC or BoJ and Inflation is nowhere to be found. Speaking of Japan, nobody cares that their Manufacturing Index is flat lining - despite broader economic growth (yesterday's GDP number). Somewhat curious/concerning.
Moving onto the Precious Metals which are being avoided like the plague at present. (Growth without Inflation). Small speculators have multi decade short positions. Good luck.
Moving on to the S&Ps -
S&Ps v. weekly (inverted) jobless.
UMich Confidence number today was excellent.
Philly Fed releases, however have been bad.....