Hi Bill; I'm sure you remember me saying a lot of times to watch
the currency, well no one seems to talk about it or take it into
consideration, the Bulls better wake up, because if they compare
stock prices only using U.S. dollars they see one thing, but if
you take away the amount the dollar has fallen you see something else.
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A real bull market has your stocks going up and your money at least
stable, good god we are 20% off their yen since this started in
late Aug, and most 10% off the EU..factor that in and we went no
way near new highs, on a global scale.
And the dollar fell again today, when people wake up to the fact
that while the Japan market may not look like it has out run us
IT HAS GONE UP 32% in real terms , ie if you cashed in Japanese
stocks now compared to what they were late August, you would not
only get the up in the index, but get it in yen and be able to cash
that for 20% more dollars, or buy 20% more US stocks than you could
have with the same yen back in AUG, in effect on the global
front, WE are still in bear stage..the run up has been a lot
of smoke and mirrors.
Had you bought the Japan Web at our August low you would be way
ahead of what this market has done since then. Yet all the pundits
are telling us how bad off Japan is..even while it's been flying
since August.
They just look at the indexes and don't convert the currency.
About the only thing that hasn't creamed us is Brazil, thanks to
Greenspam pulling the wool over every ones eyes as he bailed out
his cronies from their foreign mistakes, ( at out expense ).
And BTW the big boyz done got out of Brazil.
Jim
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