By Gary Gordon of etfexpert.com

As I look at the price of crude oil at $80-plus per barrel, I admit I'm impressed. After all, the dollar gained about 10% in four months, and this dollar-priced commodity managed to hang tough.

Yet ever since Thursday's late announcement regarding an EU-IMF solution for Greece, the dollar has lost some of its mojo. In two sessions, Friday's and Monday's, the Powershares DB Dollar Bullish Fund ( UUP) dropped 1.2%.

The last thing anyone should do is make a big deal about low-volume trading in a holiday-shortened week. In fact, we shouldn't draw any big conclusions about trading at the end of a quarter before earnings season and before the release of the jobs report.

Nevertheless, I can't help but marvel at oil's ability to hold near $80 per barrel and gold's ability to hold near $1100 per ounce even as the dollar had been climbing higher and higher. It made me wonder what will happen when "dollar devaluation" returns?

Perhaps the easiest way to answer that question is to look at what some of the top exchange-traded funds did Monday. How much did they gain? Are their respective correlations with the dollar weak so that a respective investment would do well when the dollar is falling?

I will be the first to admit that a one-day boost in the "commodity complex" does not make for a clear uptrend. Nor does a two-day decline in PowerShares DB Dollar Bullish Fund mean the imminent decline of the recently mighty buck.

Still, if you're a believer in the idea that the greenback's days are numbered -- or if you simply believe that investors will refocus on California/New York/Illinois/U.S. fiscal irresponsibility -- you have to like your chances with some of the commodity choices. Commodity companies, from miners to steel producers to oil explorers, surged on the dollar's decline.

More intriguing, each of these investments has had a weak correlation with the PowerShares DB Dollar Bullish over the last six months. In fact, the iPath GSCI Total Commodity Return ( GSP) even had an inverse relationship. Essentially, this can be seen as suggesting that commodity companies could do particularly well when Uncle Buck doesn't.

I probably won't be ready to commit to specific commodities like copper. Yet, looking out into the summertime, I might be inclined to give a tip of the portfolio cap to Rydex Equal Weight Energy ( RYE). After all, it still remains in a definitive uptrend.

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Disclosure Statement: ETF Expert is a Web log ("blog") that makes the world of ETFs easier to understand. Gary Gordon, MS, CFP is the president of Pacific Park Financial, Inc., a Registered Investment Adviser with the SEC. The company and/or its clients may hold positions in the ETFs, mutual funds and/or index funds mentioned above. The company does not receive compensation from any of the fund providers covered in this feature. Moreover, the commentary does not constitute individualized investment advice. The opinions offered herein are not personalized recommendations to buy, sell or hold securities. Investors who are interested in money management services may visit the Pacific Park Financial, Inc. Web site.
Gary A. Gordon, MS, CFP is the president of Pacific Park Financial, Inc. He has more than 20 years' experience as a personal coach in money matters, including risk assessment, small business development and investment. Gordon is often asked to consult as an educator. He has taught financial concepts in Mexico, Singapore, Hong Kong and Taiwan. He also wrote the draft copy for a McGraw-Hill publication, Maverick Investing. Gordon hosts "In the Money with Gary Gordon" on San Diego's 1700 AM and writes commentary for the International Business Times as well as TheStreet.com.