For all we know commodities topped yesterday(red month Wheat for example is $2 lower than the fronts) and last weeks employment picture is a likely harbinger of things to come. Most of us are hawkish because stocks have somewhat recovered, the dollar is on lows and commodity prices are soaring. How will sentiment change if EOY, SPX is testing 1370, Gold is $630 and economic data expresses a standstill in manufacturing. In other words thinking that these back month funds contracts and Euro strips are too pricey could be a mistake. Or not. Tough call. Stagflation like every other trend ebbs and flows.