Stocks came in wobbly this morning, as the bipolar market stance towards Fed rate cuts went beaerish again.

This despite the shockingly bad Empire State Manufacturing Index.

And so the Dollar rallied quite handily.

Gold and silver fell.

VIX rose, but fell back in the afternoon as stocks managed to pare most of their losses.

The geopolitical situation is getting increasingly ugly.

Mispriced risks abounding.

It is difficult to take most of the short term moves in the markets too seriously.

Kind of like the results of the lightly participated Iowa caucus which garners attention only because of its early scheduling.

New Hampshire will be significantly more interesting as always.

There will be the monthly stock option expiration on Friday.

Have a pleasant evening.

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