John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (9571)	6/23/2008 9:36:20 PM
From: John Pitera	Read Replies (1) of 33421

AIG, CI (CIGNA) TRV (Travellers) over in insurance land all look pretty lousy from a technical perspective the overall index $DJUSIR made a new low for the year today. What's the good news in terms of FNM, FRE etc...? they are not still falling substantially? LEH is obviously the poster child for companies with CDO and CDS issues.... exposure + those products where engines of earnings growth. However MER, MS, UBS all have charts still generating NEW lows for the year. F and GM charts are looking dicey..... two companies heading for a reorganization? the $TNX (US 10 year note yield) has had a very spirited rally since June. It does look like that was the double bottom low for the long end of the US yield curve back at 3.28... Feb 23 of 2008 when we had the panic dip to 3.281 had the fear element of a long term major culmination of a trend. It was a classic island bottom reversal in yield that held up successfully on the retest of 3.288 on March 17th of this year. John

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