The U.S. stock market has enjoyed a strong rally since the early spring, but while the economy has shown improvement, it still faces major headwinds. So it may be best to hedge against the U.S. dollar, which is likely to experience a significant decline over the next few months.

From the tidal wave of e-mails and comments I have received from numerous different sources I am under the impression that most investors view the recent rally in the world’s stock markets as a bear market rally. I suppose we would need to define a bear market rally as a rally that fails to make a new all-time high (for the S&P 500, above the 1576 reached in October 2007) and is also followed by a new low for this cycle (below 666 for the S&P 500 reached in early March 2009).

It has been a wild ride for investors over the last couple of days. All eyes are on stocks and commodities as they get whacked by the meltdown on Wall Street and the government’s bungled attempts to ‘fix’ the situation. The investment-grade corporate bond market, meanwhile, is showing some great value, says Eric Roseman.

Editor’s Note: DailyWealth’s Steve Sjuggerud thinks there is an extraordinary opportunity for investors in the bond market.