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As I was finishing up my weekend chart work early this morning:
1) foreign owned treasuries held on deposit in us dropped below $600b for first
time in several years (see sub #5 in attached chart) providing clear evidence
that foreign CB's are cashing in treasuries to support currency operations,
markets, and sinking economies.
2) rallies on all of the major European bourses have failed at or just above a
.618 projection of the previous up thrust - a clear failure swing. Did everyone
really think Europe would escape effects from Asia? Russia?
3) the down thrusts in the daily S&P have been running more bars than the up
thrusts
4) the McOscillator calculated using the weekly advance decline numbers
(Barron's Market Lab) for both the Nyse and Nasdaq have sunk to the lowest
levels in 4+ years.
5) Mexican Bolsa looking sick ... S America is sinking as concentration is
focused on Asia.
No need to bother commenting on asian markets. In newspeak, I sense a (so
called) "paradigm shift" may be underway. In oldspeak, we may be seeing the
beginning of reversion the the mean.
Earl Adamy
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