Russian Roulette

 | Aug 01, 2014 | 10:24 AM EDT  | Comments
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Stock quotes in this article:

clx

,

pg

,

lnkd

This market is forgiving when Russia isn't raging and the dollar is calm. Obviously rates matter, but the main trouble has been Russia and too many people are focusing on the Fed and not enough on the dollar and on Ukraine.

Sure, the bond-market-equivalent stocks are helping big because Clorox (CLX) reported a not great number and it is going higher and P&G (PG) is viewed as being the turn.

Plus, let's not forget, you can make a case that inflation is peaking with oil coming down, grains coming down, cotton coming down and many of the other commodities off big and labor is still slack.

Other positives: good numbers last night from LinkedIn (LNKD) and a strong IPO from Israel, Mobileye (MBLY), showing there is still an appetite for deals even after this huge week for IPOs.

One other thought: it's early.

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