Earlier today, David Rosenberg called the stock market rally a “money illusion,” since without the benefit of the dollar collapse, things look a lot worse. Well, the rally isn’t 100% based on the dollar… just about 50%.
As you can see here, since early May, when the Dollar really started breaking down the S&P 500 as measured in Euros is up less than half of what the S&P 500 is up in Dollar terms.
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