Commodities are taking off and oil is challenging a two year high. If it breaks out from here than it might be to infinity and beyond. The only thing saving the US dollar is that the Chinese accept it as payment for their goods, otherwise we will have already seen a run on the dollar.
There is a perception around the World that the US dollar is a joke. Nobody other than central banks are buying and it seems that many are having second thoughts. So while the markets are going up in US Dollars, those dollars are worth a commensurate amount less. I asked yesterday, how long it would take before everybody figured out whats going on. At this pace, not very long.