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S&P 500 vs. US Dollar – A Day Does Not A Trend Make (yet)


For the first time in a long time, both the stock market and the dollar were down. For a long time, the two have been moving in opposite directions – on days when the stock market was up, the dollar was down, and vice versa.

I am not sure if this is some big change in the character of one or the other, but it bears watching.

Readers of this blog know that I believe the dollar is in a secular bear market. I don’t think today’s action impacts that, but this change in the relationship of equities and the dollar could be important if it continues.