July 10, 2008 - (Courtesy: Bespoke Investment Group) Even after oil's $8 pullback in two days, the long-term uptrend line for the commodity hasn't been tested. For oil to test the bottom of its uptrend, it needs to get down to the $132-$133 range. Until then, talk of a "bubble" bursting is pointless.
Along with oil, most other commodities have seen pretty big declines in the last two days. Based on their trading range charts shown below, the declines in copper, coffee and corn seem to be the most extreme. However, none of the ten commodities shown below are even trading in oversold territory after this week's selloff.