Currently reading Gary Dorsch's latest article up on Financial Sense Online, entitled, "New Rules for Global Investing in 2007".
Dorsch is explaining how, to his view, the yen carry trade has seemingly become a bigger factor in moving the US stock market than "traditional indicators such as the health of the US economy, company earnings, cash flow, and future sales forecasts".
According to Dorsch's charts and explanation, the continued growth of the yen carry trade and the "endless flow of cheap capital from Tokyo" is pumping the Dow Jones Industrial Average to new highs. This upward movement in US stock prices is occurring despite slowing growth in S&P 500 earnings and at a time when US economic growth is also slowing.
I'm just making my way through this piece, but it looks like there's a lot of info relating market movements back to currency fluctuations and money growth trends. Charts tracking everything from economic data to the Shanghai stock market here for you data junkies.
For more of Gary Dorsch's market analysis, see the article link above.