All things being equal as this credit crisis continues to unfold, I believe this volatility will carve out a temporary double-top by the end of this week or early next, and we will have to fight for a few weeks to move convincingly higher over the psychologically important thousand dollar hurdle.

Mahendra has been smoking his Swami grass again and is dead wrong calling for a major top here. The commodities bubble has barely begun and in such small markets, prices must rise many multiples of current levels over the next decade as hedge funds, SWFs and investors alike all vie for a piece of safety away from conventional financial paper instruments which have done well for 25 years, but whose share of the total global $150 Trillion asset pot will keep shrinking over time.