As we noted earlier, remarkably, stocks aren't that far from erasing their November slump.
This is what would be remarkable, if they do: The dollar is holding up. Granted it was down yesterday, but it remains up sharply from the lows. And we're not talking about the dollar against the euro, which has its own issues, but the dollar against the yen (which doesn't). Returning to highs on the S&P will likely come at a noticeably higher level on the greenback.
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