There are some things you can’t cover up with lipstick and powder.
Don’t come any closer, don’t come any nearer
My vision of you can’t get any clearer
Oh, i just want to hear girls talk
I got a loaded imagination being fired by girls talk
I was complaining to Members yesterday that I was suffering from a rare case of information overload. The markets, indeed the entire planet seems to be at a critical juncture and really, we’re just trying to figure out what to do with our money – as well as what, if anything that money is worth (see “How Much for that Dollar in the Window“). In trying to divine the answer to life, the Universe and everything, I have been doing more than my usual share of reading and I will tell you it is downright scary how little people know about all of those subjects.
Fortunately, everyone else seems as clueless as we are as to what’s REALLY going on in the World and that put us all on a level playing field this week, which allowed us to have a week (so far, we’re crossing our fingers for a dip at 8:30 on a too hot CPI with too cool Real Earnings and then a lack of Consumer Confidence at 9:55) of perfect directional picks as the market has very kindly behaved itself inside our short-term range, which we adjusted for the Dollar beginning last Wednesday, when I set “New Watch Levels” which have now been turned into our very useful multi-chart, thanks to the team at Stock World Weekly (which can be delivered to you on Sunday Mornings for just $295/year):
The “reference level” line is essentially the same Major Breakout Level we targeted for our indexes last November. Our Members have been using these charts all year and we made minor adjustments to account for Dollar drift and it’s affect on the indexes. Unfortunately, these levels – unlike our major 5% levels – need to be adjusted any time there is a significant change in the Dollar, which has drifted between 73 and 76 since mid-March, when the Japan quake drove us beneath that line.
So, obviously, we’ve been using 74.50 (the mid-point) as our base and this morning the Dollar is at 75.21…
