With the S&P 500 having now tripled-and-then-some off the March 2009 lows, we thought it noteworthy to note that today, Bloomberg's Commodity Index dropped below those financial crisis lows for the first time.

As is evident from the chart, throughout history, the raw materials of 'business' and the stock of 'business' had high and positive correlations but since the Fed ended QE2, suffered equity weakness and then folded and re-engaged money-printing largesse with Operation Shift, the relationship between commodities and stocks has been utterly negative.

What happened the last time Commodities and Stocks were this anti-correlated?

Different this time? Or all smoke and mirrors? Time will tell...

Chart: Bloomberg