The Bear Reaches Out for Commodities

After mauling almost every other asset class, industry, and sector, the bear is now stretching out its paws for a swig of crude oil; crude oil is now down 19.9% from its high just last month. "Everyone" eagerly awaits the official pronouncement so that we can declare that justice has been served for all the pain high oil prices have caused us.

It is interesting how we look for buying opportunities and bottoms after 20% declines in the stock market, but for oil and other commodities, we just look for lower and lower prices. Call it the curse of the high prices no one wants. There may be a just a touch of irony in the rapid correction in oil prices just as the U.S. presidential candidates are calling high oil prices America's biggest crisis. Meanwhile, our national debt refuses to undergo its own correction and just goes ever higher.