The last few days the CRB Index has been on the backfoot whilst the VIX is back at recent highs. The reaction to the chinese cancellation of a coal delivery has led to an accelerated decline yesterday. Does this mean that commodities are about to unwind ? With commodity stocks as well as oil/gold declining sharply and investors more closely reflecting on the state of the global economy the risk is growing and currencies and bonds were quickly to react. The green shoots initiated rally might have been a bear market rally in fact now coming to an end…