Commodities Can Mirror 1999 Bottom vs. Stocks Commodities may be bottoming vs. stocks, akin to in 1999. Despite the S&P 500 Total Return Index (SPXT) still on a record-setting run vs. US public debt, the Bloomberg Commodity Spot Index (BCOM) may have bottomed vs. SPXT in 2025, and the ratio of BCOM/SPXT is at the same level as in 1Q24. My graphic shows a stocks-vs.-commodities divergence similar to about 26 years ago, but from wider extremes and with a potentially stronger catalyst in the global energy crisis. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tleeh9r24u8b {BI COMD} #commodities #stockmarket @BBGIntelligence