GCC, which tracks the old $CCI (unweighted commodity index), has been correcting for over a year now.  I have been anticipating that it would touch or get close to the 600 day MA before heading higher.

Well, we are almost there.  Of course, now that a much lower risk entry is presenting itself compared to a year ago, people all of a sudden get cold feet.  In this sector, which is clearly the enemy of the Fed, it’s understandable–e.g., even if we are significantly higher in 2-3 months, you can’t rule out some sort of insane spike lower that occurs very quickly before being reversed.  That being said, I personally believe it’s a decent entry point here and on any further weakness.