Emerging market currencies are very overbought and with the Brazilians openly criticizing the beggar thy neighbor policies of the US, vulnerable to a quick selloff. Unfortunately for the Brazilians and other emerging markets, intervention is generally a temporary phenomenon.

The laggard of the resource economy currencies is still the Loonie but it is looking better.

For confirmation that intervention moves are temporary, look no further than the Yen.

Commodities are responding as expected to currency debasement.

As I've pointed out many times, easy Fed policy is felt most conspicuously in Asia. Asian real estate continues to be an obvious beneficiary.

Gold isn't the only metal that benefits from a weak dollar. Industrial metals like Nickel are also rallying.

As I've pointed out several times recently, platinum is a better bet than gold at this point. I think this rally is just getting started.

I sold my position in sugar last week but I might get interested again on a signficant correction.

As I said a few weeks ago, the dollar index is headed for 76. What happens after that will depend on policy. If I had to bet, I'd bet on breaking down further.

Muni bonds appear to have hit a wall of resistance. I suspect we are in a transition period to higher rates but Treasuries haven't cracked yet.

Emerging market stocks are very overbought and seemingly loved by everyone. Can some kind of top be far off?

Everybody loves Asia and Latin America but you don't hear much about European emerging markets. This ETF is almost 3/4 Russia but also provides exposure to Poland, Czech Republic and other Eastern European markets. Russia should benefit from higher commodity prices.

I am fascinated with the Japanese market because it is so totally unloved. They have serious economic problems but they might also be at the end game of three decades of bad policy. Technicallly it doesn't look that bad.

Global energy shares are looking up.

Global financials have built a pretty solid base and may be ready for a move higher.