CHART OF THE DAY: The Dollar Collapse Is A Huge Part Of This Rally

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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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