Jim Rogers is now bearish on stocks and bullish on commodities:

"People have come to think [stocks] are okay again. They're not," said Jim Rogers, co-founder of the Quantum Fund and author of three investment books, Adventure Capitalist, Investment Biker and Hot Commodities...
Historically, commodities and stock prices have moved in opposite directions. "In my view, we're in that kind of period again where essentially we're going to be having good commodity markets and sloppy stock markets," he said.

He believes this to be true because of supply and demand, the war in Iraq, and growth in China. Although he thinks the bull market in commodities started in 1999, he says this is just the beginning:

"When the price of raw materials is declining or under control, companies do well," Rogers says. "When commodities are going through the roof, they don't do as well....
Six years after the bull market started in 1982, most people were not aware of it," he says. "It usually dawns on people slowly that a bull market in commodities has started."