Investment legend Jim Rogers says the dollar is due for a correction upward and commodities and stocks for a correction downward.

Those would be natural reactions after the extreme recent moves in those markets.

“The dollar is overdue for a rally. Everybody in the world is pessimistic on it, including me,” Rogers told Bloomberg.

“Whenever you have everybody on the same side of a boat, you know it’s time to move to the other side for a while. We may have a rally in the dollar, we may have a decline in perhaps some of the commodity prices or stock prices for a while. . . That’s what always happens.”

The dollar has dropped to a 14-month low, stocks have surged 58 percent since early March, and oil prices have hit a one-year high above $80 a barrel.

Rogers says Treasury bonds may constitute the next market bubble.

“I certainly wouldn’t be buying U.S. Treasuries with anybody’s money at this point,” he said.

“The Federal Reserve seems to be buying. . . driving up the market. That’s the next bubble in the making.”

Rogers says he’s not short bonds now. “But I can’t imagine lending money to the U.S. government for long periods of time.”

Rogers’ call for a dollar rebound puts him at odds with star money manager Bill Gross.

The Pimco managing director told CNBC that the U.S. government wants the dollar to slide as a “protectionist barrier.”