One way train derailed

The one way train that has been the commodity markets over the past several months just got derailed.  What seemed  like such a sure bet, like selling the Euro in the spring and buying bonds in the late summer, ended in a similar fashion to how all sure bets end.  As commodity investors, we are absolutely bullish on the secular long term trend of commodities, but the groupthink that we have experienced as of late ensured that many of these markets were overbought.  The China news was only a catalyst in getting this correction going.