It's no secret that we're bearish on commodities and bullish on US consumption-oriented stocks. Over the last year, the S&P 500 has laid the smackdown on commodity markets in general. Over a one year period, the S&P 500 is up +13.7% while the CRB Commodity Index, which measures 19 different commodities, is down -5.5%. That's what happens when you have a strong US dollar and the investing public at large pouring capital into the market.
