Commodities Are Screaming? Are You Listening?

I’m not a fundamentals guy, but does the fact that commodity based companies seem to be pricing in Armageddon concern anyone? US Steel price to book value has not been this low in the 25 years of data that I just looked over as an example. XOM price to book this year hit levels not seen since early 90s. PBR hit levels this year not seen in 15 years of data.

source:Ycharts.com

update: Just noticed the interesting technical setup in the price to book value. Technical analysis isn’t usually done on a fundamental chart like this, but I thought it was interesting.