Somebody has it Wrong

Maybe it is me, but a stronger dollar/higher interest rate scenario will not be in the same ballpark as higher commodities and stocks at this point in the cycle.  The next few days remain crucial in terms of market direction in a macro sense.  The reinflation camp is pushing the lower dollar / higher commodity / higher stock price / higher emerging market scenario.  I am not convinced but remain watchful and am playing the other side of this card.  We have made no position changes in the past two days.  As we have said recently, this reinflation scenario is being pushed by the same crowd that gave us the last bubble and must have short memories.

The EMA ETF Nav was 1130 at yesterdays close.

7:48 AM CDT