Commodities Continue Correcting

High flying commodities have begun a correction stage that started the other day. Today confirms this more than last Friday. The Reuters/Jefferies CRB Index fell over 8 points (-2.3%) as 16 of the 19 commodities experienced selloffs. Most of the biggest losers we see are in the metals and energy markets which have experienced the biggest gains since the start of the year. Silver fell over -7% while gold fell 4%; aluminum and copper had losses of 2.9% and 3.7% respectively. Crude oil fell $2.50 (-2.4%) as other energy markets fell. With commodities under pressure, stocks tied to those commodities experienced heavy selling. Certainly, the day's weakest stock groups are in basic materials, precious metals, and energy.