- Excellent start to Year of Rabbit. Recovered all of Jan's large losses and more, thanks to Egypt, Bernanke + US data. Market willing to blame weaker than expected NFP (A+36k, E+146k) on bad weather and focus instead on drop in US unemployment rate from 9.4% to 9.0% = sign of changing price psychology.
- USDX : Possible reversals on weekly and monthly charts. USD enjoying support from higher market driven rates (from perception of better economy). Nevertheless, USDX is technically a sell still if we get to around 79.00.
- US10YY : Detailed in last night's post. Just do not make mistake of thinking 5-wave rally completing. Will not consider buying UST for carry until we get to close to 4.00%.
- S&P500 : Most clearly defined bull market. The more skeptics the better for longs.
- Gold : Ability to rally in face of stronger USD bodes well for bottom picking. Suspect there will be plenty of opportunities to add onto longs (on weakness, not strength) in the weeks ahead.
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