Well, where do we go from here?
First, they apparently killed the old standby, the CRB Index, which had been around for many years to reflect inflationary/deflationary pressures on the economy from the commodity sector. Then they did away with the CCI, and then the Dow Jones-UBS all based on commodity futures which are particularly sensitive to such pressures.
This month we present the CRB-BLS Commodity Index (BLS stands for Bureau of Labor Statistics) on page 74. There you can see its components, many of which are foreign to futures traders, and read about its development. We are not sure whether we will continue with it, find another index, or drop it altogether.
Nonetheless, the weekly and monthly charts can generally illustrate price pressures from commodities now. You can see the bottom at the millenium, the powerful rally into 2008, the sharp plunge thereafter into December 2008, the rise to new highs into 2011, the pullback and the effort to stabilize since.
Although a chart of different commodities, its features are similar to those of the previous commodity indices ... caught between support and resistance. It is not (yet) plunging. Is it (bullishly) consolidating? What's a trader to do? Maybe be ready to.....