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Disturbing: SPY / GLD

|Includes: GLD, SPDR S&P 500 Trust ETF (SPY)

Want to be disturbed?  In case you weren’t sure if this rally is a just a function of a weakening Dollar… um… it is.

First, a familiar, the S&P as measured in U.S. Dollars:

How about S&P measured in gold, which allows us to take into account appreciation/depreciation of U.S. Dollars (since Gold is priced in U.S. Dollars).  I prefer to use gold (GLD in this case) as my Dollar proxy, since UUP and Dollar indexes are measured against other Fiat currencies and wouldn’t take into account any universal strengthening/weakening of Fiat currencies as a whole.

Quite a bit different picture, eh?