Who needs a strong dollar when you have stock and commodity gains like these.
Even in Euro terms stocks are up today, and of course the goldbugs will be cheering alongside the bulls. Which could be a telling sign.
All major equity indices are up over 1.5%, gold’s at a new all-time high around $1,043, and oil is extending gains past $71. Materials, industrials, and financials are on fire.
While 10-year treasuries are in the red, investors are still only asking for 3.26% from the US government.
If there’s a red flag, then this is it. If indeed the dollar is in big trouble, these treasury buyers will be as well. Yet if the treasury market is right, even moderately so, then the dollar scare will be wrong.
In any case, another two days like this and we’ll be welcoming Dow 10,000.