The dollar was up against the euro, yen and British pound today, the tiger uncaged continuing its late-summer rampage.

That sent just about everything but equities down, although the NASDAQ was off a bit today.

After yesterday's dramatic price retreat yesterday and a plunge to 1216 in intraday trading today, gold has recovered and is posting a very modest gain today in the late afternoon.

Traditionally, low interest rates mean a weak dollar and higher interest rates a stronger dollar. Traditionally also, by now inflation should be ringing its bell, beating its drum and howling like a banshee.