Chart of the Day: Is this the beginning of something big in commodities?

Per today's chart, commodity cycles tend to be long-term affairs:

Suffice to say that, after a 12-year major bear market, capacity in the space is historically thin. And, despite the recent rally (and, btw, we expect notable pullbacks for sure), commodities remain under-owned.

I.e., we think the recent strong breakout from the 12-year downtrend may indeed have long-term legs...