Short Notes: Commodities .

Commodities have undergone their worst sell off in a couple of years today.  Partly that has to do with speculators getting out after certain margin requirments were raised in the past several days.  The other part just looks like a gold old fashion correction after such a huge run. 

My take is that markets were looking for an excuse to continue a decline which looks after today like it's gathered a bit more steam.  How far we may go to the downside is hard to say but in every indicator we follow the over bought condition we've recently chronicled is nowhere near to being resolved.  The exception to that is in the shortest time frame we follow things are becoming oversold enough now that a small snapback rally could ensue over the next couple of days.