CCJ Is Up Almost 10% This Morning

We are now above 50% probability of a recession come Q3 2023. The price action relates to the surprise numbers that we have from China overnight. I'm not overly convinced that China will rebound like crazy if the manufacturing cycle is doing as bad as it is on my indicators in the West. We don't have compelling evidence of China rebounding in a way that allows commodities to re-flate again. But for now the price action clearly moves in the other direction.