Red-Hot commodities are going through a cool-down as weak grain exports and talk that China oil reserves are full is causing a surge in profit-taking. Even the Red-Hot red metal copper is pulling back after its historic run. Nasdaq's weakness is raising concerns of a broader stock market top as the Biden administration has failed to get a stimulus deal done and his anti-business policies are starting to weigh on the economic outlook.

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There is growing concern that Biden is ready to crack down even more on U.S. energy production and U.S. energy jobs as his new Energy Secretary, former Michigan Gov. Jennifer Granholm, won Senate confirmation. She was quoted as saying that she is going to be obsessed with creating green energy jobs but on the flip side that means she will be obsessed with costing U.S. oil and gas jobs.

Joe Biden, who has been looking weak on Iran, got tough by doing something he previously criticized President Trump for doing. Fox News reported that “The U.S. military carried out an airstrike against an Iranian-backed militia stronghold in Syria Thursday, a senior official told Fox News. In the first known military action by Biden, multiple facilities were struck by American F15 fighter jets that targeted Iraqi border-based Shia militia groups, Kait’ib Hezbollah and Kait’ib Sayyid al Shuhada. 

Both forces are suspected of having received funding and military support from Iran’s Islamic Revolutionary Guard. The senior official said the strike was a "shot across the bow" and a defensive strategy, intended to deter Iran and its militia from launching rockets at U.S. forces in the region, like the recent attacks in Iraq. The Defense Department later confirmed the strikes. "These strikes were authorized in response to recent attacks against American and coalition personnel in Iraq, and to ongoing threats to that personnel," Pentagon Press Secretary John Kirby said Thursday.

Oil may cool down bit but the fundamentals are still very bullish. Look at the correction as an opportunity to position and hedge.