So, my rule of thumb is: As long as the Fed balance sheet rises and the dollar keeps declining—hot money, fast money into stocks, gold and oil.

There's a reason old windowpanes distort everything: They were made by rapidly squeezing a sheet of red-hot glass between two hot rollers, which produced a cheap but uneven pane.

So, my rule of thumb is: as long as the Fed balance sheet rises and the dollar keeps declining-hot money, fast money into stocks, gold and oil.