I’ve just updated my Keeping Score page for July’s stock market performance. IT was the star sector and for the first time since the inauguration, the $US has shown a bit of relative strength. In addition, the S&P reversed from and mildly outperformed the rest of the world. Hard to know whether this will continue, however. My guess, though, is that anticipation that dollar weakness will continue to be a key component of global equity investors’ strategy.