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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (22061)	11/19/2004 5:58:02 PM
From: ild	Read Replies (3) \| Respond to of 110194

Today's Fleck: Did the Earth Move Today? Buckle up, folks. I'm going to try to do justice to what I think is occurring. Today may have been another important data point in the mosaic of "the most important moment in time for the financial markets in the last 15 to 20 years" (an idea I first raised on October 21). Having started with that bit of hyperbole, let me try to clarify it before I go on. There is never a single minute, hour, day, or week that is an actual inflection point. Inflection "points" are really inflection "periods." There are periods in time when a change of psychology takes place in the head of "Mr. Market." Ring Out the Old Rigging I believe the world may have changed, though obviously it didn't happen just today. Today, though, I believe that it became clear to "the world" that today the Japanese were going to let the yen "go." By that I mean, given today's currency and bond-market action, it appears that the Japanese have decided to stop aggressively rigging the dollar/yen rate and, by extension, the Treasury market.