After clearing the bogey at S&P 1405 at last in the previous week, the index has now pulled back to that level and for now bounced off it... hence old "resistance" now becomes new "support". It will be interesting to see if this holds but I expect it to do so for now. Some other thoughts As I've said in the weekly round up, the "strong dollar" fantasies have usually lasted 5-10 days or so... it was nearing midnight. With crude north of $120 and the dollar returning to its rightful place as the junk of the world, we might be done already. This happens like clockwork now almost every 6-8 weeks. As I wrote in detail last week, the fundamental issues facing our country do not allow for a stronger dollar... we continue massive deficit spending and we print money like mad to solve our problems. ...

We have 5 major agriculture names reporting today - POT, CF, BG, TNH, CNH - all components of the agriculture ETF Market Vectors Agribusiness (MOO) [Sep 17: This MOO For You? An ETF to Play the Global Agriculture Boom]

I’ll touch on 3 of the 4 that reported this morning; due to some intracompany relationship issues with TRA I don’t bother with TNH (Terra Nitrogen). CF Industries (CF) reports after the bell.

First, there are no surprises here in Potash (POT) - we expected a huge quarter with increased guidance. We got it. The question is what is already built into the stock. Everyone already expected this; the stocks need to take a break sooner rather than later after a huge run. I have my lowest allocation to this group since day 1 of the fund but I will be adding materially on dips (which I believe to be imminent). …