A 9-month mania has become a relentless 2-year bear market, and prices are back where they started:
From Futures.Tradingcharts.com
From Indexmundi.com, here’s a longer-term view. As is typical of commodities, these kinds of spikes have happened before.
It amazes me that the most successful managers could be so bullish at a time like this (way overvalued, way overbought, rising Treasury yields, stalled earnings growth), but of course stocks are most loved at the least desirable prices.
Source: Barrons.com
