If you click on the chart above, you'll see cash index prices for energy, grains, metals, and the U.S. dollar from 2000 to the present.
This is the backdrop against which we've seen a Fed cut in interest rates. (See Barry Ritholtz's blunt assessment).
Since 2000, energy has risen 233.97%; grains have risen 130.69%; metals have risen 162.95%; and the U.S. dollar has fallen 21.86%.
Just since 2006, energy has risen 18.57%; grains have risen 81.66%; metals have risen 36.23%; and the U.S. dollar has fallen 11.73%.
Cutting interest rates when the dollar is weak and commodities are hot? Rogers expects a dollar rout and rising yields from the Fed actions.
It's the latter, history tells us, that would sound the alarm for stocks.