Earlier this week a data survey showed that sales of existing U.S. homes rose in June to their highest level in nearly 8-1/2 years and new jobless claims fell to their lowest in more than 41 years. Good news. Or should we add a question mark… good news?

Weekly unemployment filings in the U.S. sank to their lowest levels in more than 41 years last week. This should be cause for jubilation throughout the land, indeed throughout the whole world.

The sell off in commodities is affecting all the complexes. If it continues, we will see its effect in the form of lower inflation, which in turn may cast a shadow on a potential interest rate hike by the Federal Reserve.