Not much to halt stock market rally to record high

The S&P 500 is up 0.6% after a 1.6% rally yesterday.

The open was a bit disappointing but stocks are now only 6% from the Oct. 2007 all-time high of 1576.

Part of the story, however, is dollar devaluation. Priced in yen, the index is 40% from the record high and roughly 25% in AUD or CHF.

Priced in euros, is where it really gets interesting. A few weeks ago, the S&P 500 peaked almost precisely at its 2007 high (priced in euros).

Over the coming months, it will be interesting to see if euros outperform the S&P 500.