The weak dollar isn't helping stocks anymore. The same thing happened from the fall of 2007 to the summer of 2008. Commodities would go higher but stocks would not. But this time, commodities have front run the weak dollar theme of QE2. That game has been played out.
We are starting to decouple from the weak dollar higher stocks relationship. The market is giving up its intraday gains. We need to see a lot of volume to confirm the panic. Still not there yet.
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Not expecting much of a bounce next week.
I think the week after next, we stand to get a much bigger bounce up. It might even last a week or 2. Then lower the final week of June and into July.
Another good earnings season will rally the market in the 3rd-4th weeks of July. Plus the debt ceiling will be raised by then.
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