“Davidson” submits:

CAB reported at 121.13 with past few months revised higher. Economic activity is accelerating and equities should follow as they have done historically. Likely a 3yr-5yr period of equity higher markets based on recent reduction of regulations, tax reductions, US reemerging as protector of Democracy globally and a falling US$.

Contrary to accepted wisdom, a weaker US$ represents repatriation of capital which in recent years had pooled in the US as a safe haven from predations of Iran, ISIS, Russia and etc. Fear of capital losses drove the US$ higher 2014-2016 by ~40% resulting in a US Industrial recession and collapsing commodity prices. Exiting this period, we are seeing a very strong recovery which spurs global economic expansion. The US$ still has ~25% fall to return to its long-term trend.

Upside should continue to surprise, markets should respond.