So far for the commodity sector in 2012,  Feb or March is a substitute for May. 

 

Overall 2012 is behaving like 2011.  A quick run up for commodities followed by a crash before May.  All the while the DJIA trending up.  

 

Yep, that's just it, same as last year and the year before.   IMHO we will have another angst filled summer and bottom in October (at least those holding growth e&p stocks will).  Will not be taking part in that again, it's all about protection of capital, and it's never too late to sell.

COOP