My shopping list in this case should probably have some iShares Dow Jones U.S. Basic Materials (NYSEArca: IYM). It has already been battered by speculation as its share price hit a high of $89 in early July and now trades around $73.

This fund has Monsanto as its top holding, and more than 50% of this index is in chemicals. So it stands to gain from a gradual rise in agricultural and commodities demand over time. And we think that the longer-term demand picture for IYM is very strong.

Also on our long-term shopping list would be some iShares MSCI Brazil Index (NYSEArca: EWZ). The ETF is linked to my favorite "emerged market." The great Brazilian oil company Petroleo Brasileiro SA Petrobras is the top holding in EWZ. It represented more than a 23% exposure in the ETF as of July 31. Clearly, EWZ will benefit with ever-increasing global demand for oil.

Equation 101

In our portfolios for clients, we're also considering sprinkling in a touch of DBA. To some degree, it figures to piggyback off the plight of IYM. In a sense, IYM is to DBA what EWZ is to the iShares Dow Jones U.S. Oil Equipment Index (NYSEArca: IEZ).

As a broader-based agricultural play, DBA is exposed to four commodities, while some of the manufacturers in IYM provide the technology and other resources that producers of these commodities need.

IEZ might make our shopping list as well. Not only do we get more exposure to oil producers in this ETF, we also have exposure to the companies that service them.

We already own a few of these funds, but we're still looking for some more "specials" before filling the cart. If you like to cook, you understand that you are constantly working on recipes that will make your guests' mouths water from the smell alone. Even though you have your list of goodies, you may not go to the store today.

Keep in mind that given the present situation, the plan we would implement is to keep these for a longer-term purchase. But you've got to take out the looking glass and make sure the underlying holdings in each ETF meets with your approval before purchasing.

Joseph "Big Joe" Clark is managing partner of the Financial Enhancement Group LLC. He's a regular contributor to IndexUniverse.com and can be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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