Portfolio Theory $DBC $EEM $IWN $IYR $PLW
A weekly look at the five most liquid but least correlated ETF’s (excluding inverse’s).
![](http://1.bp.blogspot.com/_qar6OPcsQJU/SWBwSAHm5yI/AAAAAAAAApE/ELwV2pGqubc/s400/DBC090104.png)
![](http://4.bp.blogspot.com/_qar6OPcsQJU/SWBwRzzS-sI/AAAAAAAAAo8/uXn07HE_lYM/s400/EEM090104.png)
![](http://2.bp.blogspot.com/_qar6OPcsQJU/SWBwRn6Z2QI/AAAAAAAAAo0/VC5Mpil0SbY/s400/IWN090104.png)
![](http://3.bp.blogspot.com/_qar6OPcsQJU/SWBwReOvx2I/AAAAAAAAAos/1cqdidj9TA8/s400/IYR090104.png)
The weakness in Treasuries and strong bounce in oil suggests a major shift in market sentiment. If commodities can sustain a rally amidst increasing bond yields, the emerging market economies will be the greatest beneficiaries. As always, trade what you see and not what you think.