I think this whole 150 day collapse has about run its course... Lets take a look... GSCI is now around 366 - We might make a move down to 330 area which corresponds with the upper trendline boundaries of the 2000 peak, the 2003 peak, and the 2005 retest...so maybe the energies have a little bit left to fall, but the risk is now for prices to rebound.... If we get one more dump in the crude down to the low 40's, I will be a buyer. I am long NG in the back months. And looking at RBOB/HO into next summer. S&P broke the 2003 lows making for a very ugly chart. While I think in the long run, we could get continuation down to the mid 300 level, we might have capitulated today, in conjunction with the wild spike in bond prices (and corresponding yield crash). 10 year yields around 3% will not last for longer than a moment, so look for a reversal there...(admission - I have been short bonds for the last 6 weeks or so, so I am underwater there and perhaps a bit clouded in my bias)...I have 2.95% in the 10 year as the absolute low... Grains I'm a bit murky on because harvest is slow and there has been no post harvest rally yet, so I'm mainly sidelined there, but looking at good value in cotton and oats. Rice still has a move down to the 10 handle and perhaps another buck in C, W and another 2 bucks lower in beans...But for the most part, the risk is now to the upside...Am short wheat, was looking for 440, but may take profits here. Gold has held up very well considering...you don't have deflation when gold is trading $750 / oz, I'm sorry...Silver has taken the biggest beating of all, so I would still think you gotta buy the stronger of the 2... The Dollar might make one last spike up to the 96 area...but I can't see any higher than that... PS - I'm not a kinfe catcher, but that's what my assumption assumes you must do. I don't see a V bottom, but a retracement, and then consolidation. Eventually (next 2-3 years), prices in most all ag/energy/PM commodity markets will make new all time highs.