Commodities have been running better than just about any market recently, thanks largely to oil. Now, oil looks like its run into its medium term down-trend. Commodities are thus vulnerable to a pull back here. However, it will be important to watch both assets to see if either breaks trend. For now it seems that lower oil and commodity prices are on the horizon, which speaks to the idea that inflation is not an issue. If inflation isn't an issue, then maybe the Fed wont have to raise interest rates, as is anticipated in September. After today's rally, I would say that this idea is not priced in (Greece has been the focus) and could be fuel for further equity gains near-term.
