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At 35.6, this morning’s ISM report for January was better than expected, but that’s actually bad… because it’s US Dollar bullish. The US$ index is +0.37% and the SP500 is -0.34%. This inverse correlation remains very tight.

What’s good for the dollar is bad for the US stock market. What we really need are some horrendous economic reports, so that Senators and Congressmen can freak out reading yesterday’s news, and force a socialist de-valuation of our currency.

Until the US$ stops going up, I don’t see stocks going anywhere but down.

Keith R. McCullough
CEO & Chief Investment Officer