The trading environment is almost the inverse of this time last year when third quarter gross domestic product (GDP) was 3.8%, the dollar was weak, commodity prices were soaring and the Dow Jones Industrial Average traded to an all-time high of 14,198.10. Today, the dollar is resurgent, third quarter GDP was-0.3%, commodity prices have cratered and equities continue a massive downturn that began in January. Inflation has been on the rise and liquidity injections in the hundreds of billions of dollars, used to bailout and prop up investment banks, insurance companies and government sponsored enterprises, including Fannie Mae and Freddie Mac, should add to inflation, but it hasn't happened in the near term. Commodities and other US dollar-denominated assets have crashed in recent months as the dollar has strengthened. The onset of inflation and weakening US dollar would be a boon for gold prices. The crack spreads are negative and ending stocks are within the five-year average.