The S&P Goldman Sachs Commodity index represents a basket of commodities but has a heavy weight in crude oil. The SPGSCI has a MRI rating of "2." This a relatively new rating (down from a "3"). Oil prices are more vulnerable on a short term basis. This appears, however, to be a temporary breather as opposed to a fundamental shift away from oil prices being very resilient.
Gold has a MRI rating of "3." While there may be some softening of gold prices in a week or so, the the longer term resilience forces are decidedly positive at this time.
Copper has a MRI rating of "3" as well. At the moment, the longer term resilience forces appear strong.
Bottom line: Overweight commodities in general, particularly gold and copper.
