October 8, 2009, 4:00 pm ... Closing Thoughts ... The Standard & Poor's 500 index closed up 7.90 to 1065.48 on a weak dollar and oil. Benchmark crude for November delivery added $2.12 to settle at $71.69 a barrel on the New York Mercantile Exchange. In London, Brent crude gained $2.57 to settle at $69.77 on the ICE Futures exchange. Traders have shrugged off supply data, with the same flair to discount stocks' fundamentals. Classic example was Alcoa Inc (AA)- last $14.35. Purportedly, AA posted its first profit after three consecutive quarterly losses, on cost savings, higher aluminum prices and a very sharp pencil. TOTAL NOISE. After clearly reviewing the footnotes and related financial statements, the so called "profit" was bogus --- created from fancy accounting tricks, i.e. deferred liabilities, mark to fancy by increasing the value of inventories and changing the way AA recognized earnings and indirect expenses, etc.... The dollar lost more value to other major currencies as the federal government pumped money into stimulus programs. Indeed, traders need little encouragement to extend selling of dollars, while receiving 'good news" in the form of ongoing weak U.S. consumer credit and a positive Australian employment report. Look for the U.S. dollar's downside against Asian currencies being slowed by intervention, as consolidation or rallies are opportunities to establish or add to shorts. It is the latest effort by Asian monetary authorities in recent weeks to temper rallies in their currencies, which have been driven higher by speculators fleeing the U.S. dollar and placing bets that Asia will lead the global economic recovery. Indeed, a stronger Asian currencies will help to contain inflation as the region's economy gathers steam, exports will suffer, leaving countries vulnerable when fiscal stimulus measures are eventually withdrawn. As for Obama Nation --- "So what? As long as the world buys our paper, will print it in fatter rolls." And the FREE MONEY POLICIES ALLOW STOCKS TO MERRILY ROLL HIGHER. You would think that BULLSHIT doesn't role uphill?