Brian Belski says buy the dollar

Interesting thought, to say the least. Here’s what the article has written.

Oppenheimer Asset Management’s Brian Belski says that, when it comes to ending QE2, he thinks it won’t be such a clear cut, black or white, buy or sell decision, but rather something more nuanced and gradual.

“Bernanke is a data hound,” he says in the accompanying video, adding that he sees the Fed entering a period of market assessment followed by an orderly liquidation of its Treasury holdings to yield-hungry buyers.

If you like investing in big picture themes that will work for years rather than tips and hunches that might work for half a day, then Belski has a few ideas for you.

“The next great secular move is going to be a stronger dollar,” he says, adding that the notion that stocks and the U.S. currency can’t move higher together is outdated and wrong.

He says the same thing is true for interest rates after 20-plus years of decline. “It’ll be a slow grind higher, not a sudden surge to 7 percent,” he says, pointing out that, once investors get over the initial transitional shock, stocks should get over it too and do well on the backs of an improving economy.

And finally, if you’ve been thinking of a way to tap into the limitless largesse of high-end consumers, Belski says you’d be better off tapping the new-found frugality of the low end, where credit cards are vanishing, savings rates are up and legions of smart shoppers are spending in whole new ways.