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With the markets off their recent highs and volatility picking up, investors have to ask: Is this just a brief dip in the uptrend, or a more ominous change of trend? Many analysts are emphasizing the bullish case, based on the gathering global economic recovery. But some of the key indicators suggest a different story.

Earlier in the summer, DailyFinance noted that a weakening dollar was the main contributor to rising energy prices, as the underlying supply/demand fundamentals were poor. However, the dollar's impact extends far beyond energy, and its fall has coincided with a rally in the broader market. The...