Oil and gold are looking a little black and blue as the result of a post-New Year sell-off. Well, truth be told, oil's been taking most of the punches. Nearby crude contracts are off nearly $8 a barrel, or 9.5 percent, since the top of the year; spot gold's slipped only $16 an ounce, or 1.5 percent.

Oil's poorer fortunes are reflected in a rebounding gold/oil ratio. An ounce of gold can now buy nearly 15 barrels of crude. That, in itself, isn't so significant. After all, the ratio got up above 16-to-1 back in December, but that level couldn't be sustained. It's different now. Presently, there's momentum manifested by the ratio's 50-day moving average crossing above its 200-day average.

Gold/Oil Ratio

Further upside in the ratio will likely be due more to oil's weakness rather than gold's strength. After Friday's book squaring, March COMEX gold broke through its 100-day moving average at $1,087.70, forcing traders to warily watch for a close below $1,080. A breakthrough could set up a 50 percent retracement of the July-December rally.

With London forward rates hitting new lows, sellers are at the market's helm. Long liquidation, driven by money managers, was featured on the COMEX, figuring prominently in the 7.2 percent open interest decline last week.

Selling's even stronger in the oil market. Commercial oil traders have been aggressive on the short side since New Year's, contributing to a 12.5 percent build in NYMEX open interest. March crude long ago (well, on Jan. 21, anyway) sailed through its 100-day moving average and, on Friday, dipped below its 200-day mean. Crude's now retraced the entirety of its December-January rally, putting it in sight of a September reaction low at the $67 level. That's also the 50 percent retracement level for the intermediate run-up launched in March 2009. To get there, bears are going to have to first push prices below support at $71.21. They won't have far to go. The March contract settled at $72.89 on Friday.

In short, oil's a mess; gold less so. That's a pretty good way to start off a week, don't you think?