Unless you've been entirely incommunicado, you've probably heard that the Dow closed above 10,000 yesterday. For many it was a reason to celebrate. But not for me.
Reaching 10,000 is a great psychological boost, but it means asking a hard question, that being what is the Dow when the value of the dollar is taken into account? As compared to the last time the Dow reached 10,000, the dollar has weakened considerably, meaning that in constant dollars we aren't really anywhere near 10,000.
With gold at an all time high, oil futures above $75 per barrel, the dollar's fall in relation to the Euro, British Pound, and the Yen, it isn't looking all that attractive.