Question re: $USD. During 2004, the equity market has risen and fallen opposite the dollar--the market rising as the dollar falls.
At some point, could the dollar's fall become a significant fundament event that would affect the stock market significantly? If yes, where would you draw the line.
My answer is yes, and I draw the line at the 1992 low. If the dollar drops below that support, the uncertainty of what happens next could upset the cart.
Black