This is the fifth installment of a new Money Morning series highlighting investment opportunities in the global bull market in commodities. Soaring prices of grains, dairy and meat have been grabbing global headlines. But other commodities have been on the rise as well.

You can’t deny 2007 was the year of living dangerously in financial markets. So far this losing streak has continued through the first quarter—with the notable exception of soaring commodity markets!

As I said yesterday, I spent all last week touring Europe, and checking out the local investment scene. And as I traveled from Milan to Zurich, I found the same sort of dangers threatening the Eurozone that have plagued the U.S. economy since last summer.

The short sellers appear to be dwindling. This morning the Financial Times reports that global stock markets continued to rally.

The rally comes despite heavy writedowns from Swiss banking giant UBS.

The uncertainty about the markets’ direction reflected the fact that stocks rose after another round of bank writedowns and capital-raisings – developments that might have been expected to send prices lower.