There are very real problems brewing in the smaller currencies of the world that do not seem to be upon the radar screens of the world's capital market's traders.

And as we look at environmental problems around the world virtually all of them have to do with energy considerations.

As we look at the vast array of energy problems that are facing the world, most of them have to do with environmental constraints,

Europe now finds itself in that terribly uncomfortable position that no matter what the monetary authorities do regarding interest rates, it shall be detrimental to the currency.

The yen continues to weaken, as it should, given the continued weak economic data coming from Tokyo.

A rally such as we've witnessed in the past week needs a correction. The market shall be healthier in the new year because of it.