Stocks were a little wobbly today, although the VIX continued to be at quite low levels for this year at least.

The economic news is mixed, as usual.

The dollar gave a little of yesterday's sharp rally higher back today. The rally itself was more technical than anything else, given the long decline that it has already seen. Certainly any notions of a hawkish Fed raising rates with enough fortitude to make a difference in the dollar is sheer fantasy. 

The Fed may have one more rate increase in them for this year, but they are already on thin ice given the weak recovery and lingering lack of organic growth. The reasons are so obvious one really hates to keep repeating them. The economists certainly know them, but they are reluctant to discuss the Emperor's nakedness. They are a craven lot as a whole. 

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