I just want to jot down some thoughts real quick about this week's market. Friday's action was very light. The market continues to deceive gravity as well as conventional wisdom about equity valuation. The wild card remains to be the Dollar. The Almighty Buck. If it breaks 78 it seems 75 is easy. The dollar is clearly the sacrificial lamb in all this mess. So lets say that happens... well this market could easily ramp up another 2-3% as commodity speculation begins to run rampant. How much do you think people are going to love $3.50 a gallon gas and $5 a gallon milk when they are broke and unemployed? That's irrelevant though because earnings will go higher and so will the markets. Class warfare anyone? Ok, I'll kill the conspiracy talk.
I'll be back a little later with a chart and some key levels to look at.