Crude prices bounced slightly on Wednesday but it did little to calm nerves in stressed out global markets. Futures of WTI Crude dropped $3.41 on Tuesday, the biggest one day drop since 2012. For 2014 WTI is off 6.4%.

In a vacuum that would be a positive. Alas, markets never operate independently. When crude falls too far, too fast it’s not a boon for the consumer. It’s a sign of global dislocation in markets somewhere. In this case the most likely explanation is the soaring value of the U.S. dollar, the benchmark currency against which all other assets are priced.

That’s a problem. As is so often the case, it’s probably related to something the Fed is doing. In the attached clip Lee Munson of Portfolio LLC explains.

“This is about the Fed messaging to the market that we’re not going to get any inflation.” By implication that means stimulus has failed, deflation becomes a risk and a bunch of assets start falling in price. Gold sitting on $1,200 and stocks suddenly giving away almost all of their 2014 gains on the Dow Jones Industrial Average (^DJI) are further examples of problematic markets.

Munson thinks the selling is an opportunity to buy. As he points out, what we’re seeing today is the end of a major move, not the beginning of something new. Emerging markets (EEM) and REITs have been getting clobbered. Munson suggests shopping there. “Look at things that got hit recently and go make some money."

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