This sounds like a great maintenance tip for the rest of us.
I would think this joint seems like the perfect candidate for CV-joint grease (as KlausC suggests) or an HD moly or PTFE grease. I'm pretty sure I've seen HD moly greases that specify on the packaging that they have good water resistance - which seems like the biggest requirement.
I've been on the lookout for a good dry lubricant spray as well (moly or PTFE) - this might be an option too. Without a boot I would expect a dry lubricant to give better results, both in terms of resisting water washing it out and in terms of it not introducing more dust because it won't be 'tacky' like an oily grease.
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1998 V70 AWD Turbo 190k+
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