The stock market is again being yanked around by the strength in the US dollar against the Euro. The Euro weakness is mainly being caused by the problems facing Greece and the uncertainty around how the Europeans will deal with the problem.
I do observe that today the commodities have started to diverge from the dollar, in that they have not sold off with the strength in the dollar. This is an early indication that the commodities might be close to a short term bottom.
When you have these kind of moves in the market due to geo-political situations, it is kind of hard to get a read on the signals being given by the market. It is hard for me to say whether this strength in the dollar and weakness in the commodities is due to uncertainity surrounding Greece or is it due to the market signalling macro weakness in the near future.