Notice how Greenspan has adroitly lowered the dolar to the 95 level (NYBOT:DXYO...~115 eros) and is keeping it right there. Apparently it is a level that all of the markets can live with. It is only a question of time before the Europeans start squacking like hell or lower their own rates in response. Personally I think the latter is inevitable.
There is an awful lot of nuttiness built into this market though. Presently I am short IP, a company with 57 cents of earnings, but paying a one dollar dividend by selling off some of its land each quarter. All of its divisions are doing worse YOY, but the stock continues to have a PE over 60. Go figure!
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