Zoom-zoom growth: Comdols supported, but we like Euro-block pairs

Well, if true, stocks did it again. They forecasted a recovery. The optimists have been right; piling into stocks with confidence as they climbed the proverbial Wall of Worry. The worry warts (guilty as charged) look like they were wrong; especially if the China credit bubble concerns prove untrue.

But, vigilance remains given the potential for rising protectionism as China-US relations continue to fray and Euro Monetary Union unraveling potential. Either of these events clobbers commodity currencies. And speaking of commodity currencies…