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Ongoing worries in financials coupled with a gonzo inflation number had investors scrambling to reverse course yesterday and so far this week. You can tell I don't like trading ranges. If that's what we're in, then high cash balances are appropriate. On the other hand, if we're about to start another leg lower beneath prior lows, then so be it since I like trends.

The dollar rally and short commodity trade maybe went too far too fast. Sometimes traders will close a good position just to cover losses from another sector. That may seem odd but who said The Street was logical?

Today we get energy inventories and the drama within financials continues to build.

Let's see what happens.

Disclaimer: Among other issues the ETF Digest maintains long or short positions in IWM, UWM, XLY, XLV, RXL, XLP, UGE, IEF, UUP, DBC, DEE, GLD, DZZ, EFA, EFU, EEM, EEV and FXI.

Source: Wednesday Outlook: Commodities, Emerging Markets