Some good cyclical observations in this clip from Monday. A caveat though: while it’s true the US dollar has weakened year to date against the Euro, Pound and Yen, it has gained on commodity exporters like Canada and Australia as the global growth picture weakens.

Steen Jakobsen, from Saxo Bank, cited several factors including growing credit loans, a widening fiscal deficit in the U.S., doubts over infrastructure spending plans and a potential trade war. “I think overall we have been pricing in for Goldilocks and we are closer to Frankenstein to be honest,” he said. He added that in a scenario of a potential sudden economic recession, he sees a possible market correction of between 25 and 30 percent.

Here is a direct video link.

And about that 5%+ Q1 growth fantasy bulls were talking up in January.Not looking good.