Back from the precipice came the market in
a blistering rally to end an interesting week. The technicals
had the SP500 poised to fall. The 10 yr. Treasury rallied,
the boyz covered their stock shorts and the buy-the-dip
crowd finished it up. I mentioned there could be a surprise
with the Treasury so oversold, and that's what we got.
For the short term, I do not have much to say on the technicals.
The market still looks vulnerable, but what the hell, we've
had one surprise, so I am not going to argue with the tape.
Not good for one's nerves.
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