I agree with everything you said except  "Commodities are the flavour of the month but would feel the pain if a huge drop in market confidence hits the US Market."  The demand from the US is small compared to China, India, etc.  The US will pay even higher prices in dollar terms than the rest of the world because the US dollar is going to continue to fall because our country is in effect bankrupt.  But somehow we will continue to print money and buy, buy, buy until the world cuts off our credit.

Goldfinger