Peter Schiff in a nominal sense this is a bear market rally

Peter Schiff Vlog July 21st 2009 California was Dreaming

The market pretty quite today although the DOW did rise to a new high for this move we are now clearly we have now clearly taking out the old head of the heads and shoulders , " I won't be surprised to see more short covering says Peter Schiff "of course the real action is overseas , the foreign stocks continue to outperform US stocks which is a trend that I foresee continually especially when you factor in the weakness of the US dollar , The US dollar was very weak yesterday , the dollar index is traded bellow the 79 handle , today the New Zealand dollar for example hit a new 52 week high so I expect that to continue in fact even though the short term charts of the US stock market is improving the short term chart of the dollar is deteriorating , so I do believe that any gains that American investors will see by rising stock prices will be more than offset by a lost of purchasing power in the US dollar going down so in many cases they are swimming against the stream they are not really are going anywhere sure they might see a nominal rise in the value of their accounts but in terms of real purchasing power , what these stocks are worth what you can buy with the decedents that would be diminished , although of course I still believe that in a nominal sense this is a bear market rally , I do believe that the US market will eventually turn lower again by the weakening of the US dollar and in particular more weakness in the US bond market , the bonds were a little stronger today but this was the first rally in several days , I think the most likely direction for bonds is down which means interest rates is higher and i do think that an ultimate decline in the stock market will be brought about by fears over weakening dollar and rising interest rates which is certainly gonna come and it's gonna come because the world is not going to believe the comments that we had today from chairman Ben Bernanke with respect to his much talked about exit strategy "Peter continued