International funds and funds with heavy commodity bents fell off the cliff of their own excesses.
Given a backdrop of continued weakness in emerging markets and heavy commodity users like China, Margard warns against getting excited about the rebound in oil.
"Based on improving fundamentals for commodity chemicals, we believe investors should focus on heavy commodity-oriented companies to 'get the most bang for the buck,' based on peak earnings-per-share in 2006," CSFB said.
Other pieces could be the work of any number of contemporary artists, including several photographs and a video that take drawing into skywriting and two pristine white sculptures that delve into the lives of poor white Southerners (although the sculptures do progress noticeably beyond the artist's heavy-handed, commodity-based sculptures of the 1990's).
The jump in imports in the second quarter included heavy stockpiling of commodities, which will not last; copper imports, for example, were 150% higher than a year ago.
The dead-cat bounce continued for beleaguered Anglo American, which jumped by 22.15p, or 9 per cent, to 275.9p as it revealed it kept up the pace of mining last year despite heavy falls in commodities prices.
A recent report by JPMorgan also argues that soaring production costs are now a heavy influence on commodity prices.
Similarly, the Canadian economy's heavy reliance on commodity exports like oil, gas, timber, minerals and grain, which are usually priced in American dollars, ought to be generating bumper earnings in terms of the Canadian currency.
The surprise, perhaps, is that emerging markets have not performed even more poorly; the MSCI emerging-markets index's 12.4% decline so far this year is only a little worse than the return of the global market.Emerging markets benefit from the heavy weighting of commodity-related stocks in the index (more than a third, according to Merrill Lynch).
