It's pretty simple in my mind. Watch the 10 year Treasury closely this summer. Why? As investors and traders try to second guess the threat of inflation (as if anybody really "knows"), there may be a fade in the short-term momentum of economically sensitive stocks - think value overgrowth.

If we see the 10-year dip below 1.5%, that could give a bullish signal to tech and other long-duration assets. While the future is unknowable, it's best to have a plan to rebalance or sit on your hands this summer. My view is to let the market make the first move. If you want to build a portfolio that is geared to address inflation, don't think that is a smooth ride.

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