The crude oil market has been pounded lower by the coronavirus outbreak. Has the outbreak nearly run its course, from an overall markets-impact perspective? While it’s too early to tell for sure, it appears the oil market has, or is close to, bottoming out. See on the daily bar chart for March Nymex crude oil futures the steep price downdraft that is now overdone on the downside. The Relative Strength Index at the bottom of the chart shows the lowest (oversold) reading since last summer, at which time oil prices also put in a near-term low. And if oil prices have indeed bottomed out, other raw commodity markets that have been hit by the coronavirus outbreak may also be doing the same. Stay tuned!–Jim