After a great run, Commodity Weakness is manifesting as a problem in portfolios that have been properly positioned for US #InflationAccelerating. Not ironically, this runs in conjunction with our view of headline US inflation peaking this summer.
...It’s mathematically impossible for Mr. Market to be wrong on this one. If the risk management signals change, I’ll be the first to let you know. But for now, the best advice I can give you is to just get the Commodity Weakness out of your portfolio on up days.