My memory of the definition of stagflation in Economics 101 goes something like this, a period of slow growth with high inflation. Well,soft and hard commodities are ripping higher, the dollar is weak and the Fed really does seem to be caught here. It will be fascinating to see how this all pans out. In the meantime, although many of the oils and metals may be short term extended, I will be fine tuning a list of potential stocks. Futures are lower this morning.