Freeport-McMoRan is always going to be my first call on the health of copper.
Gold has had a good run, but the bulls are likely running out of money.
OPEC has no idea how much oil prices can fall, but current prices are not acceptable to the organization.
The two commodities are in downtrends, which when combined with an economic expansion that is long in the tooth could indicate a recession is on the horizon.
Prices are approaching multi-year lows at a time in which the number of bearish market participants is at a multi-year high.
Fed speakers are using this opportune time to posit their views.
The Fed can't justify a rate cut soon on the strong jobs growth data. Expect bond selling and a follow-on hit to equities.
Petroleum producing nations know supply, but can't figure out demand as U.S. shale, the China trade war and international dealing by Saudi Arabia and Russia come into play.
The yellow metal is a beneficiary of the combination of 'rate cut mania' as well as global uncertainty,
In a more complex trade I would want to be long some sort of ratio risk reversal.