Alert: corrective bounce may have run its course.

Let's start positioning for a downturn with SLX, ZSL and BOM.

I'll discuss individual commodities in more detail tomorrow, but it is beginning to look like 1) continued disappointment on the global growth front, 2) the absence of pure QE from the Federal Reserve, and 3) a risk appetite rally that looks to be technically out of steam ... are suggesting commodities will continue the downside move that began in April and May.

Trade Essentials.

Here is what I suggest you consider doing now:

SLX (Last price: $43.05)

SELL SHORT shares of Market Vectors Steel ETF, symbol SLX, at the market. Then place an order to BUY-TO-COVER ALL your shares of Market Vectors Steel ETF, symbol SLX, at $45.36, STOP; this order is good till cancelled.

ZSL (Last price: $71.21)

Buy shares of ProShares UltraShort Silver ETN, symbol ZSL, at the market. Then place an order to SELL ALL your shares of ProShares UltraShort Silver ETN, symbol ZSL, at $62.94, STOP; this order is good till cancelled.

BOM (Last Price: $15.42)

Buy shares of PowerShares DB Base Metals DoubleShort ETN, symbol BOM, at the market. Then place an order to sell all your shares of PowerShares DB Base Metals DoubleShort ETN, symbol BOM, at $14.29, STOP; this order is good till cancelled.