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This has created the ultimate pain trade

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The strong blend of macro forces driving commodities lower makes it unlikely the sector will recover for months to come.

Perhaps the biggest factor has been China, which drove the cycle through boom and now bust. At the same time, the U.S. Federal Reserve could start, as early as next week, to normalize interest rates, which have been at near zero for nearly seven years. That is driving the dollar higher, which in turn weakens commodities prices.

No market has been as widely watched or as influential as oil, the lifeblood of commerce and the one that is most tethered to geopolitics, and now tied to movements in the stock, bond and other commodities markets. OPEC gave oil its latest kick down last week by retaining its year-old policy of letting the market set prices. West Texas Intermediate crude is now down more than 10 percent since OPEC's meeting Friday.

"I think it's the reality that there is no OPEC savior. In fact, there's no OPEC, for now," said Daniel Yergin, vice chairman of IHS.