Very simply, we are still not fans of these areas. A glance at the OIL ETFs all show a bad drop below the 50 day average…a rally back into it…and now another ugly drop. They even started to get some of the stronger names today.
As far as Gold, still aint happening. Just a slow drift back to the downside. Of more interest was the action in the GDX today. Looks like a pretty good top being put in place. Gold stocks usually lead the metal so something to watch. Look no further than the EURO being smoked for why these commodity areas are being hit. The maniacs in Europe are determined to crush their currency with assinine negative interest rates and now, they have gone to the Bernanke University of maniacal fed policy.