Market Priced In Dollar Devaluation Terms Down 8.6% YTD, Almost Back To Jackson Hole Levels
For all those wondering if Bernanke has given himself the permission to go ahead with QE3 (which is the only permission that matters, coming courtesy of his bosses at Goldman of course), here is the chart that confirms it. Priced in the anihilated "value" of dollar, the S&P is now almost back to Jackson Hole levels. It is also down 8.6% for the year. As for that far more prosaic chart of the market priced in gold, we won't even go there: basically the entire rally since the March 2009 low has now been wiped out.
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