There's too much evidence of economic strength, so don't interpret these moves as a sign of a real slowdown.
Here's what the charts say on the beaten-down group.
There's a a buy setup in XLE and then a secondary entry in JPM.
Rather than an outright short on commodities, consider a spread bet between long energy and short base metals.
However, technical patterns show that gold could see a minor rally here.
Let's check out the charts and indicators this afternoon.
We are in one of the slowest times of the year and there just isn't much of an appetite for aggressively buying weakness.
Ever-increasing demand from index funds makes it hard to imagine a truly bear market.
So where am I going here? The answer is the euro.
This portfolio cannot be trusted to be diversified enough.