Curly, I agree that the article will not change the market's direction materially. However, there are some factors which I think could have a temporary restraining influence on the market. The long bond crashed through the 6% barrier with vengeance, that was done by people deploying cash out of treasuries. The SEA markets are starting to show the impact of the major devaluations suffered late last year, the Korean market is flirting with 400, Hong Kong has dropped back well under 11,000, and the Nikkei seems poised, despite Sakibara (?) nudging, to drop below 15,000. I think that could set the stage for a mild retrenchment here (my turnips claim that this decline will not go under 8250 if at all, but what do they know, they were wrong about CYMI reaching the 13' range, it only went to the 14' range).
I am more worried about a deeper fall in the fall, but between here and there, I think you are right and we will see new highs.
Zeev |
