Bloomberg's global commodities index is testing fresh 16 year lows but this is often excused on the basis that it includes crude oil weakness - which will mean-revert higher any day now. Perhaps the bigger, even louder warning signal is directly from the basest of base industrial metals... which are now down 50% from their 2011 "reflate the world" highs. The index - based on copper, aluminum, zinc, nickel, lead, and tin - is not flashing 'recovery is coming' headlines... But then again - when has that mattered for stocks... Charts: Bloomberg