Oil, Base Metals Are Making the Shorts Sweat

Can you explain this chart? Oil and base metals have been keeping pace with the S&P500 rally. But given that gold has been relatively flat, you can’t say that this price appreciation is just about dollar weakness. Hate to say it, but oil and base metals are giving bullish signals for global growth.

(Via StockCharts: Oil as the oil ETF “USO”, Base metals as the PS DB Multisect Met ETF, “DBB”)

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