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Not to interrupt the fascinating discussions, attacks and counter attacks
which have been raging here of recent days, but did anyone notice that the
bonds put in one hell of a strong performance today? Not only did it manage
to start out by crashing through all previous significant intraday pivot
lows, but then it managed to turn around and take out 3 very significant
intraday pivot highs (running loads of buy stops in the process) and close
within a tick of the day's high. If you look at a daily chart, you will see
that today performed a rare outside reversal of 4 trading days (4 trading
days following 30Jun). Tomorrow is another day but today was loaded with
opportunities.
And while I'm interrupting, those who have enjoyed the long run in Asia
mutual funds might want to keep a very wary eye on the Yen - continued
advances in Asian equities have been masking deterioration in the yen, but
when the equity markets correct, it could get nasty. And on the local scene,
am continuing to look for 1600 or better in the S&P even though the critter
is even more overpriced and more overvalued.
Earl
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