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Following a 'Deflated' 2008 Redux in Commodities

While the respective moves are roughly half 2008's magnitude - led by a corresponding seasonal pivot in the US dollar and euro, commodities have loosely followed the glide path of the 2008 sector decline this year. Should the comparative prove prescient, a similar dynamic will continue to develop as precious metals have found a foothold - before the broader sector and currency markets turn.

USDX, Eurp, Gold, Oil, CRB, GDX and Xle Performance 2008 versus 2014

Oil 2008 versus 2014 Daily Chart
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Gold 2008 versus 2014 Daily Chart
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CRB Index 2008 versus 2014 Daily Chart
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GDXl 2008 versus 2014 Daily Chart
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XLY 2008 versus 2014 Daily Chart
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Euro 2008 versus 2014 Daily Chart
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US Dollar Index 2008 versus 2014 Daily Chart
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