Editor's note: This column, which reflects market activity from the day before, originally appeared May 12 on RealMoney.com. To sign up for RealMoney, where you can read Bill Fleckenstein's commentary every day, please click here for a free trial.

The markets snoozed last night, but in currency land, the dollar was rapidly sinking. The likely culprit was commentary yesterday by our secretary of the confetti department, John Snow, about how a lower dollar helped exports. He tried to reverse field later on, but the markets appear to have concluded it's now our policy to let the dollar slide, and that's just what it did. At one point in overnight trading, the dollar was down over 1% against the euro, but it then gathered a little strength as the casino opened for business, perhaps buoyed by stocks, which exploded out of the blocks.

Drool Pours Over the Counter: In the first couple hours, the Dow and S&P were up about 0.5%, and the Nasdaq was up almost 1%, with housing and tech leading the charge. The market ground higher all day long, without really backing off, closing in essence on the high tick. By day's end, the strength in housing stocks was pretty stupendous, as most of them were up 5%, plus or minus.

Biotech also got into the act. Tech was firm, but not really a standout today, with the mighty, mighty SOX up only 2%. I saw no overwhelming theme, other than folks chasing moving targets. Volume was considerably chunkier over the counter than it was on the New York Stock Exchange, as mania-like speculation drives folks to lust after lots of single-digit-type stocks.

Away from stocks, by the end of the day, the euro closed up roughly 0.5%. Fixed income was fractionally firmer. The metals were also slightly higher, with gold up 1% and silver up 2%.

Efficient-Market-Questions Theory: Turning to the commentary section of the Rap, I'd like to answer a thoughtful question emailed to me by a reader. But first, an announcement. I have recently started a Web site, mostly to answer emails. Often, I receive multiple queries about a subject that has obviously been on the minds of lots of folks. Providing the answer in a public format seems to make sense, not only for the sake of efficiency but also for education, since many readers might benefit from hearing my response to a thoughtful, complex question. Anyway, just go to www.fleckensteincapital.com and click on "Ask Fleck," or continue to send me email as you have in the past (though the former would be my strong preference). Right now, the site is pretty rudimentary, though down the road, we'll probably add some features. In any case, folks can bookmark it and go there to check questions and answers.