Lee, re:Greenspeak
"At the moment, there is no endeavor to coordinate interest rate cuts"
Indeed. The preamble was something like, "I believe it's safe to say without reservation..." AG elaborated that G10 members are in dialog as to appropriate action/s. German ministry has outright stated, "No rate cut."
IMO, this was not news to market followers. Did anyone really believe the media prattle which stretched the context of AG's Berkeley speech? <g> In retrospect, today's address was a ratchet event: confirmation of rate cut = market rally; non-confirmation = flat, slightly down.
Someone on the Waiting for the Great Pumpkin thread has mentioned that the market is being carried by speculation. I'm inclined to agree. AG, BC, LatAM bailout, INTC sales, etc... these are the tools of manipulation. sauve qui peut
That said, technical behavior is obviously within the bounds of normalcy.
Good luck with bondz!
-Alan |
