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The recent rally is nothing to get excited about.   The G-7 is currently contemplating massive intervention in the currency market to keep the dollar from tearing into a thousand pieces as it heads off the cliff.   It’ll take a great deal of coordination to keep the currency market happy.   Here’s a recent article from Bloomberg outlining the current problems.

March 24 (Bloomberg) — For the first time in 13 years, people who trade currencies say confidence in the markets to determine exchange rates is dwindling.

…

The slump has accelerated since February, raising concern that international investors will avoid U.S. financial assets, making it harder for the Treasury to fund a growing budget deficit. Net sales of U.S. stocks and bonds by private foreign investors totaled $38.2 billion in January, the most since September, the Treasury Department said March 17.

Don’t get caught with your pants down.  It ain’t pretty!