After being cut by more than half, commodities (DBC, above) are knocking at the door of multi-week highs and are trading above their 20-week moving average. Raw materials stocks (XLB), meanwhile, were also cut by more than half during the same period and now stand at their highest level since November, 2008. China's FXI ETF never made new lows in March and is now at its highest level since September, 2008, coming close to a double from its bear lows. The picture is similar among emerging markets (EEM) overall. Markets, so far, are buying a global growth story.
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