Markets 101A: Why did the dollar take off today? I mean everybody with any brains knew France would bounce the EU Constitution? What is it?"

Big players have been long the Euro thinking the charts were all wrong. There are lots of ways to be long the Euro; European Stocks, Bonds, short the U.S. Stock Market and so on. But they made bets with EU currency and NOT dollars and got whacked. The later interpretation of the "no" vote tells everyone that the French voted to keep all their socialist programs, wouldn't touch capitalism with a dirty shoe, and means that Germany, France, and Italy, all of whom are running big deficits are not the places capitalists want to be.

Kudlow's take is that the French rejected socialism, capitalism, any kind of incursion of competition from anywhere.

Anybody who just glances at long term currency charts can tell that currency trends last between 1-1/2 to 3 years max. Everybody should have been looking to go long since 2003 (looking aint' doing). So don't ask me. These guys with Ph.Ds from all the right places make really stupid calls.

The chart you should really look at is the Swiss Frank against the dollar because the Euro is a brand new currency never traded before. The pound also is interesting, but is harder to trade because the Brits play lots of tricks.

And don't forget, I was the one who said Google should be at $40 and to stay away from it. Great call, Howard. Go to your room....