As stocks have recovered, so has a glimmer of hope that the Fed might get it right.

In a showdown between the dovish Fed governors and the hawkish regional presidents, the governors win.

Stocks are cheap near-term amidst a jumble of conflicting data, news and politics.

First we exported our inflation to the emerging markets. Now are we hoping to import their rate-hikes?

Inflation-sensitive markets have been distracted by oil -- soon they'll turn to the Fed.

Apparent dollar strength is likely a trading aberration, not a sustainable trend.

The drop in the "inflation plays" is overdone in light of worsening inflation risks.

Inflation pressures are still intense, despite falling commodities and slower growth.

The Fed's easy posture simply doesn't support a sustained dollar rally.

Bleak sentiment is way overblown -- but some real risks are getting closer and closer.