What Really Counts For Stocks Near-Term

Back on January 30, I noted that the 12-week decline for the dollar was essentially unprecedented. Generally speaking, a weaker dollar is bullish for risk assets and, relatedly, for global liquidity. And vice versa. "[The] notion that the dollar will, at the least, refrain from staging the kind of rally that helped torpedo risk assets in 2022 is a key pillar of support for stocks," I wrote, four weeks ago, before cautioning that "a stronger dollar and higher US real yields are kryptonite," whi