1. Long commodities, (oil, gold, etc.) 2. Short dollar/ long euro This trade has both fundamentals behind it and also after the brutal selloff in commodities and the euro, has value behind it. Deflation was never a threat with Paulson and Bernanke on money watch. Their first instinct in times of uncertainty is to print money like mad. Amateurs at work who think the Great Depression is always around the corner. Stocks will likely drift around in a range, they can not go down much in a hyperinflationary environment, remember they are priced in nominal dollars, not real dollars. Bonds, especially long duration bonds, are for the biggest suckers at this stage, unless they are nominated in euros. The Treasury has made a blatant statement for all to hear: they will print till the cows come home.