Risk trades are losing some altitude this morning. The S&P has been unable to establish a toehold above the 1150 level and commodities have slipped off their highs. Lots of wound-licking is going on out there today amid a very volatile session.
About the only sign of a bottom I see for the dollar is the fact that intraday volatility is picking up a bit. The old adage is that markets are always choppiest at tops and bottoms. That’s a thin reed to base a position on, however, so look for more signs before calling a bottom…