Dollar Surge

• The dollar is surging and gold is being hit up again. The anti-risk trade spreading to equities is the biggest risk for today.
• Breadth is great and that argues against a turnaround.
  
• JPMorgan is lagging after its warrant sale last night. I highlighted that as a possibility yesterday.
• I would have expected the banks to do better today given that the Citigroup share sale is no longer a certainty. The banks have been getting hit since late Wednesday on news of the Citigroup share sale even though the market has shot higher.
• There is still time for the banks to rally but if they don't the group might be weaker than even I anticipated.