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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
But GT, there's Operation Twist. If the long yields are to go up, that means the Fed has to fail at holding down the long end. And it hasn't failed at much recently.
Bonddad Blog (and I'd suspect others too) is suspicious that the broad rally is weak and/or about to end, partially because he's not seeing what's expected to be the corresponding move in the USTs. I'm thinking this is holding back a lot of bullishness - and coincidentally that makes for a healthier rally, all the doubt generated by nonconfirmation in the USTs, no?
My think is, if you're not seeing the corollaries you're expecting, it might be it's the corollaries that are broken and not the market.
Seems to me a basic market axiom is "don't fight [someone-or-other]"... who's the someone-or-other you're not supposed to fight?
I told you you should have given me Mike Shedlock's email address so I could mess with his head instead.... :-)
But GT, there's Operation Twist. If the long yields are to go up, that means the Fed has to fail at holding down the long end. And it hasn't failed at much recently.
ReplyDeleteBonddad Blog (and I'd suspect others too) is suspicious that the broad rally is weak and/or about to end, partially because he's not seeing what's expected to be the corresponding move in the USTs. I'm thinking this is holding back a lot of bullishness - and coincidentally that makes for a healthier rally, all the doubt generated by nonconfirmation in the USTs, no?
My think is, if you're not seeing the corollaries you're expecting, it might be it's the corollaries that are broken and not the market.
Seems to me a basic market axiom is "don't fight [someone-or-other]"... who's the someone-or-other you're not supposed to fight?
I told you you should have given me Mike Shedlock's email address so I could mess with his head instead.... :-)
I am laughing IWNATTOS. Sometimes ya just need a laugh.
ReplyDeleteWe might have thought they'd bottomed last August, then they took another big leg down.
ReplyDeleteSo, I'm thinking, what does TA actually tell us?