1) The free-fall of India's poor rupee continues: gold is up again today to a 3-1/2 month high on safe-haven buying, but as I noted yesterday some of this move in bullion is due to the free-fall of the Indian currency. Indians are the largest buyers of gold in the world: hence, the rupee is down another 3.6 percent to a record low 68 to the dollar.
A collapsing currency is not a trivial issue. We have tidal waves of money going in and out of these countries that are very disruptive. The more these countries have to focus on their weak currencies, money flows and their deficits, they less they can focus on restructuring and improving growth.
This creates an economic sinkhole: when a country like India has a trade deficit, or a collapsing currency, they need to divert money away from capital activity to fund the deficit. That is a drag on growth, which has the same effect on Indonesia, Thailand, the Philippines.
And of course, we can't have a country like China that is stabilizing and still growing, yet other weak countries around it. You don't want one country running on 8 cylinders while others run on two.
2) Once again, we get a mixed series of reports from retailers. Jeweler Zale reported a loss that was not as great as expected, and same-store sales were up 5.6 percent.
Express, which sells apparel and accessories, reported earnings in line with expectations and raised 2014 earnings guidance to $1.52-$1.60, up from $1.48-$1.58, while they confirmed 2014 same store sales of 1 to 5 percent. The disappointment was women's apparel retailer Chico's, which missed on top and bottom line, and had weak traffic.
—By CNBC's Bob Pisani