NEW YORK (TheStreet) -- Stocks were flat Thursday, the U.S. dollar fell. The dollar is now down 1.8% on the week, while the euro is up 1.8% on the week. The dollar weakness has accelerated the rally in emerging markets, something Tim Seymour, managing partner of Triogem Asset Management, pointed out on CNBC's "Fast Money."
Emerging markets are up 10% over the last 20 days, vastly outperforming the S&P 500. This is a "sustainable rally," Seymour said, adding that commodities can also continue to rally.
Assuming the Federal Reserve wants to keep the U.S. dollar from rising too much, there could be a continued rally in commodities, added Brian Kelly, founder of Brian Kelly Capital. If that's the case, developed markets that import most of its oil, such as Europe and Japan, could struggle.
With commodities rising, Guy Adami, managing director of stockmonster.com, has his eye on gold miners. Specifically, he says, the Market Vectors Gold Miners ETF (GDX - Get Report) could have upside, although he believes the U.S. dollar does have slightly more upside.
If commodities continue to move higher, it seems likely that it will weigh on European stocks, according to Steve Grasso, director of institutional sales at Stuart Frankel. If European equities begin to underperform, U.S. equities seem likely to as well.
Part of the euro strength may be coming from the increasing sense that Greece will exit the Eurozone. The chances of that happening are "significantly higher" than they were just a few weeks ago, according to Dennis Gartman, editor and publisher of The Gartman Letter.
A few weeks ago, the odds of a "Grexit" stood at about 10%, Gartman said. Now those odds seem more like 40% to 50%. That's not good for global markets because almost every country is better off with Greece being part of the Eurozone.
If Greece were to leave the Eurozone, it would make the euro much stronger. It would weaken Greece's currency, boosting its economy in the short term and likely instilling the notion to other countries, like Spain and Portugal, that they should do the same. A stronger euro would be "terrible" for Germany because the country relies heavily on its exports, Gartman concluded.
Dan Ives, managing director at FBR Capital Markets, assigned a $185 price target on Apple (AAPL - Get Report) and an outperform rating. He said this will give the company a market cap in excess of $1 trillion.
The company's software and services businesses have strong margins and can significantly boost earnings per share over the next 12 to 18 months, he added. Ives is bullish on the Apple Watch, Apple Pay, streaming TV and its growth in the Chinese market. Apple also has the opportunity to boost its gross margins and grow its free-cash flow.
"I think Apple is a great company," Seymour said, but he did not agree with Ives' price target. The company's software and services businesses are very impressive and can continue to grow, but a $1 trillion market cap seems somewhat egregious.
Based on Ives' assumption, Apple has to basically be flawless, Kelly said. He likes the stock but feels cautious when such bullish calls are made. Shares of Apple are basing near $125, Adami said. The stock seems likely to breakout and hit new highs, he reasoned.
For their final trades, Seymour is a buyer of Vale (VALE - Get Report), Grasso is buying Peabody Energy (BTU - Get Report), and Adami is buying while Kelly is selling the iShares 20+ Year Treasury Bond ETF (TLT - Get Report).