Dollar is a Troubling Sign This Morning…plus later comments
Our contention that the S&P will find support a little below 900 is a little less solid this morning as currency traders push the dollar back down to recent lows. While the dollar has had a big run-up since last November it does need to be watched as the stock market approaches the value area. Now that Washington has Health and Financial Reform almost completed, the employment front has to be the next area of focus. Getting mired down in immigration debate will only make things worse.
It appears that I have not been keeping up with my reading but yesterday’s column by Leonhardt in the NY Times echoes what I have been saying.