The S&P 500, as seen from outside the dollar zone
With the news that the stock market is now officially in "correction" territory (it's down 10% since October), I thought it might be interesting to check how bad things look if you adjust for the decline in the dollar. So I adjusted the S&P 500's performance this year to reflect the value of the dollar in a trade-weighted basket of foreign currencies calculated by the nice people at the Fed. And while not exactly earth-shattering, it is at least worth a chart:
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Justin, here's a link to a chart [middle of the page] I created last week showing the Dow Jones Industrials in US$ and euros: http://www.financialsense.com/Market/panzner/2007/1121.html . I think it makes for a more striking contrast.
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The USA still leads the world economy and pours money into to major market, which means low at the USA definitely going to hit other market including china and India.
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