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Earl.....If bonds tank, they'll also likely take the US stock indexes with
them !! IMHO the regulatory framework has alot vested in maintaining the
recent bottom in bonds.... particularly the bottom in Japan & Europe
bonds.... this in turn should support the US bond. Further, if the recent
low in US doesn't hold, there is additional HUGE technical support directly
underneath in the 118-119+ area.... both uptrending and horizontal support
levels abound. On the other hand, I see no basis for a strong bond rally
from this point, other than that's the trend right now. Since markets don't
like to sit in narrow ranges for long, there's likely to be growing
uneasiness in bonds. Look at today, one day after the great positive
employment cost index, we get a huge down day....
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