As I discuss with TheStreet's Joe Deaux in the video above, there's a lot to be gleaned from what commodities are saying right now.
Take oil, for example. While many of the commodity markets are looking increasingly weak, oil's swoon has been relatively minor, with U.S. grades of crude barely dropping 6% in the last several weeks.
Compared to the big moves downward that have emerged from copper and gold and some of the grain markets, oil's drop hasn't indicated the same kind of bad news, at least for the United States.
Instead, it's been an further indicator of a conclusion that many analysts have reached already: The United States remains the best house on a very bad block, with Chinese growth deceleration being indicated by copper's swoon and lingering European debt woes indicated by the weakness in gold and in European Brent crude grades.
I talk in more detail on the global macro view of commodities in the video above.
At the time of publication the author had positions in NBL and APC.
This article was written by an independent contributor, separate from TheStreet's regular news coverage.