http://www.nationalpost.com/story.ht...

says CIBC - article of 14th April.

...Oil, which CIBC sees reaching US$150 a barrel over the next several years, rose more than a dollar to a record high close of more than US$111 a barrel Monday. TD Bank, meanwhile, reported that its commodity price index, led by surging oil prices, "rallied strongly last week" to a "whopping" 29% more than a year earlier....

maybe worth pointing out that there an awful lot of very small mining companies listed on the venture exchange, the chart of the index itself may seem more bearish than some of its stronger components.