Some may interpret it that way. The larger
question is whether the double bottom becomes
a triple, since triples hardly ever exist. Looking
outside equities to gold, currencies and foreign
bourses, other markets indicate to me we will retest
and establish new lows this week.
I actually bought some Dec bonds a moment ago.
And that's from a guy(me) who likes to be short.
Tonight's action, with NIKKEI up 3% today and yen
rebounding, could exhibit more diversification out
of US equities and US currency. If Dec bonds go to a
113 handle, stocks will selloff severely IMHO and
bonds will quickly bounce back.
Stocks could crap out all by themselves, even without
the bond market's help, just due to profit-taking
and technical weakness. Is this anyway to run a bull market??-s-
Major portfolio hedgers have not shown up in
force today, other than Bache, Merrill and ChiCorp,yet.
That SSB was a buyer today is interesting since they
could be executing close-outs on last week's hedging,
but then again, who knows. More importantly, if
other institutions decide just to "lighten up", last week's
low on SPZ of 1275.5 will easily fall. The day isn't
over by any means, and we still have oversea opinion
to reconcile. I love the Euro here. BIDKJS. |
