Can you have a true bull market without a rising currency? The S&P 500 is up 11.5% year to date, but the dollar is down 7% 5.5% year to date. As we saw during the 2003-2007 bull the real returns of the bull market were fairly poor and turned out to be built on a foundation of horrible underlying fundamentals, most obviously represented by a plummeting dollar. As the Greenback continues to fall into the abyss you have to wonder whether it’s possible to have a real bull market with a plunging currency and whether the collapsing dollar doesn’t represent the true economic outlook….
Source: WE Pollock