I just have one (slightly whiny) observation on this early morning: for lo this many months, the mantra has been: "the dollar's weakness is the cause of the rise in equities; turn the dollar around, and equities will fall again."

Well, at long last, the dollar is getting stronger, but look at the graph below showing the /ES (in blue) and the EUR/USD (in black). They had been moving in lockstep – at least when it was to the disadvantage of equity bears. Now that, at long, long last, the dollar is getting stronger, the /ES is making an obscene gesture and continuing to move higher. Notice, in yellow, how big the spread has become lately.

I can't help but confess to being disappointed.