Nov 23, 2004

Dollar Drip

The continued weakness in the dollar this morning, makes me think we are in for a repeat of Friday's action. Interest rates will move higher and stocks lower. Good for the precious metals and other commodities too. This has the potential to get very ugly.

I would add that the holiday week will make any damage that much worse. This is an American holiday and foreign traders will not care that U.S. markets are not open to react.

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