By Marc Faber on (unauthorized) Marc Faber Blog:

We had a tremendous rally from the March lows to around June 15 and after that equity markets have continued to go up but at much lower rates.

In other words, between March and June 15 in the United States we went up 43% and since then we are up 7%. The rate of increase has diminished. At the same time, the US Dollar which was very weak between the end of February and June of this year has traded in a very narrow range against the euro. Since June we are flat against the euro despite of the fact that there have been lots of negative comments against the US Dollar.

Now, we have extreme optimism among investors and economists about the outlook for the economy and the stock market...

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More on the U.S. dollar and stocks:

5 signs the rally may be over

Jeff Clark: The dollar is ready to rally

Market guru Prechter: Dollar has reached a "major bottom"

Dan Ferris: These 3 indicators say the market is expensive