Of curvy roads and straight lines

Results of the elections yesterday were, I suppose, to be expected. Obama won North Carolina big (in spite of not spending much time/money (at least based on the number of Clinton ads on TV and the number of times I got called from the Hillary campaign.) Just another step closer to the outcome that has been largely known for weeks. Obama is going to get the nod (if by nothing else that attrition.) Is it just me or is anyone else troubled by the fact that he can't seem to knock Hillary out? I mean take yesterday for example... NC was in the bag (so to speak) so all Obama has to do is win Indiana (which given it proximity to Illinois he should have an advantage) and it is all over. He could, and seemingly did, out spend HC 10-1, spend all of his time there and wrap this thing up. Instead we get another loss by a couple percentage points. I don't get it! Is this a testament to the staying power of Hillary or (as I'm starting to wonder) is it a statement on Obama's ability to reach outside his base. This is the question the Clinton has been asking and now I am joining her. He has to be able to do this in November or McCain's going to have a shot.

Spent this past weekend on the roads in and around the great Smokey Mountains. I have to say that if you at all enjoy driving, you must take a ride up to "the Dragon" (Hwy 129) between Tennessee and North Carolina. Road must have been designed by an enthusiast. Crazy dips and hairpin curves. Bring the Dramamine for your passengers but make the trip. See the link for some action shots. http://www.photoreflect.com/PR3/ViewAlbum.aspx?view=order&a=507134

Not much to say about the markets at these levels. I still contend that the dollar is over-valued here especially against the Yen. Technicals don't look awful but I just think that this is going to be a tough level to defend with oil at $122. Of course I don't need too much prodding to sell the dollar in a macro sense. The argument the the greenback should recover because slowness in the US may not be as bad as in Europe just simply does not make sense to me. That assumes that the dollar was at a fair market price. I still don't believe that to be the case.

Back to the daily grind... fair thee well