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QE2 ends in a few weeks and most likely traders/investors are questioning, what will the Fed do next? We've seen some of the froth come off the commodity sector thus the Fed looks at that as a lower inflationary threat. But the other mandate Bernake and gang have is to create jobs.
With fears that recent US economic data has been weak and concerns of a slowdown in growth for the emerging markets, traders are starting to suspect that the Fed doves are going to have their way and that some sort of stimulus is going to be forthcoming from the Fed. It maybe an early call...but the Fed is going to adjust and perhaps become more accomodative. With recent comments from Fed governor Bullard and Goldman's bullish commodity call, watch commodites begin to move substainally higher.
You can see the move in copper & silver lately..."risk on".