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What's next for Commodity Prices?

We were expecting the parabolic move in commodity prices to be interrupted by a correction at some point. While it could not have been anticipated as the catalyst for a pullback, the catastrophe in Japan two weeks ago prompted a sizeable sell-off in risk assets, including commodities. The question is whether in the aftermath of this event, or other lingering concerns, commodities can restart a substantive move to higher levels.
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Are US equities in a correction or is this the end of the bull?

The equity markets began to deteriorate weeks before the devastating natural disaster in Japan. Food inflation in the emerging markets and the ensuing unrest in the Middle East and North Africa causing an unwelcome spike in oil prices, and hawkish comments from the European Central Bank at a time when the continent's peripheral countries are struggling, collectively weighed on equity prices. Now news from Japan that is troublingly fluid regarding the earthquake's aftermath, which has soc...