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80% of the movement in the S&P can be explained by the movement in the dollar index.

David Goldman:

"Fully 80% of the movement in the S&P can be explained by the movement in the dollar index.
 

That is a profile well known to emerging market investors. Whenever the Brazilians would pull another currency devaluation, stock prices rose to compensate, as tradeable assets floated up to world market prices. The bank bailout has made Americans poorer relative to the rest of the world and created the illusion of a stock market recovery."