Look at SPY versus our favorite commodity ETFs in the two time frames we've pointed out in the charts. See any pattern?
The commodity ETFs all bottomed before the market and made higher lows both in the March 2009 bottom and in the recent bottom. Commodities are fantastic "canaries in the mine" tells for the markets. We've always believed that commodity traders are one step ahead of equity traders -- keep up with what they're dong and always keep an eye on the major commodity sectors.