Expectations for the back to school shopping season are low, and this season may only be flat versus last year.

We expect another quarterly earnings gain in the second quarter despite the drags from oil and the U.S. dollar.

As the currency of the world’s largest economy and largest exporter, the dollar naturally plays a dominant role in international transactions. We expect the dollar to remain the dominant global currency for the foreseeable future.

The additional supply expected from Iran and the slow response by producers to reduce supply may lengthen oil’s stay in the $50-60 range.

Q2 earnings season may look a lot like Q1 as companies once again face the twin drags of the energy downturn and strong U.S. dollar.

The referendum result this weekend throws Greece’s future in the currency union firmly in doubt.