So many people decided commodities, of all things, were the "safe haven" trade and bid them up so far that we were bound to have a blow off. That in no way means that it's the end of commodities but anyone who was loading up on $110 oil and $1,000+ gold either was not paying the slightest bit of attention to the parabolic rise in those markets or they have no experience at all with trading.
Pulled some profits at $99.80 today with the break through the $100 level - I will take profits next around $86.80 to see if we can break through that area of support at the $86 level - trade is working out very well so far. Glad to see gas prices will FINALLY start to pullback some!!!
A lot of people don't seem to understand that there is $185 BILLION dollars committed to managed futures funds. They yap about how there is all this INFLATION in commodities, but don't seem to comprehend what a huge driving force these funds are, who typically use mechanical systems to get in, and get out of the markets. They are a force to be reckoned with.