--the commodity complex has been breaking out and continues this morning. Virtually all of the "hard" commodities have been positively affected. This may well indicate that the market is anticipating that the inflationary impact of so much money creation is beginning to show up in equity prices, even though it may not have shown up yet in commodity prices. Remember, the market is a forward predictive and therefore anticipatory mechanism. Money is starting to flow out of T-Bills and other fixed return instruments and into other asset classes. If I am right, get ready for two things. Rising commodities and price inflation.

Brian