As I mentioned in my previous notes, I interpret the markets through a variety of sliding scales within my research. I thought I might construct a bit of the broader scale to color some of my longer term rationale - which continues to be constructively bullish. I have always appreciated the elegance of charts because for me they contextualize market conditions better than conventional description.
Perhaps it's just my impatience.
I do believe the more than decade long commodity bull market is drawing to a close. While although that is historically brief compared to the previous three (averaged approximately 17 years in duration), when market conditions that have supported the cycle abate - its number is up. The following two charts make that argument rather strongly.
