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. ...

How long did it take the U.S. to develop the atomic bomb that ended World War II? Why is that Washington pols from the President on down can only come up with Ethanol and targets for greater national energy efficiency with implementation dates ranging from 2015 to as far out as 2025? Our political leaders may just as well say that ‘big oil is controlling us hopefully everyone will forget about the need for non fossil fuel by 2025. Plus many of us will be dead anyway by 2025 so leave the problems for our grandkids to solve’. No, we won’t forget, or pass the buck tot he future as the situation will only become more desperate as time flies by.

Why is it that we can’t get the brightest minds together for an “Energy Manhattan Project” and within 3 to 5 years make gigantic breakthroughs on solar power, batteries, hydrogen …