The stock market has not yet reached euphoria as the U.S. Dollar Index has declined to multi-month lows today. The volume is still very light telling us that the public is not part of this rally and the rally that began before the Labor Day holiday is just a way to lure the public back in. If the markets were allowed to work the way they were designed people would have more faith in the system. Central banks around the world are stumbling over each other to devalue their currency. However, while many currencies are declining the stock markets are rallying. It is a zero sum game at this time as the dollar will buy less. This is just another way to pay off debt with money made from thin air. It will work for while. However, when it comes to an end the repercussions will be very ugly. The SPY will have short term intra-day resistance around $116.60 level.
