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Thank You Dollar!

The Dow and the S&P 500 briefly went positive on dollar weakness.

The Dow recovered quickly from its modest losses at the open (down 70), led by commodity and financials.

The dollar is being bought and sold by different groups--the first one bought the dollar on the initial poor nonfarm payroll news; they also bought bonds. This is the "risk aversion" crowd.

The more important crowd sold the dollar on the poorer macroeconomic environment, which is dollar negative, particularly if the U.S. lags the world in the global recovery.

The weak dollar makes U.S. exports cheaper and makes it more profitable for U.S. multinationals to repatriate profits earned abroad.

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