And you were right again about cascading stop levels. Last time was when the ADP employment report was released.
Great call Lance! ************* Another surprising news. 2006-07-18 00:01:39 UK June house prices rose at fastest rate since May 2004 - RICS LONDON (AFX) - House price inflation in the UK is running at a two-year high as London and the south east experience another boom on the back of a strong financial services sector, a leading industry body said today.
Last week the Bank of England was getting together with other Central banks to talk about concerted monetary tightening. Japan is not quite ready for that and that's one of the reasons why the yen fell.
I'm curious to know what people think of the next several months to few years out. Specifically are we headed to a return to the 80's when 30 year mortgage rates were 14% plus? Is it possible that we may experience the unfortunate hyperinflation that hit Argentina during and after the Falkland Island (Isla Malvinas) war? I lived close to Argentina during that time and as an American it was phenomenal, i.e. 3 - 5 course meals for 5 bucks. Perhaps the time is coming when we will be on the receiving end?
Falkland Island (Isla Malvinas) war. April 1982 I was in Rio de Janeiro, three blocks from Leblon Beach.
Analysts at Nomura and Bank of Tokyo-Mitsubishi predict the currency will fall 3.3 percent to 120 against the dollar, after ending last week at 116.12. Japanese investors will shift funds into foreign assets to benefit from higher interest rates, they said. Most currency analysts disagree, predicting a 7 percent yen gain by the end of December. ``The fact remains that Japan's interest rates are the lowest in the world,'' said Daisaku Ueno, a currency analyst at Nomura in Tokyo who was named best foreign-exchange analyst in the 18th annual Nikkei analyst rankings in March. ``Japan's absolute interest-rate disadvantage is still there.'' The difference in yields between 10-year U.S. Treasury notes and Japanese government debt widened last week to 3.22 percentage points, up from 2.91 percentage points on Jan. 5. ``What people seem to forget is that in good times, Japanese invest abroad,'' said Chertkow, who tied for most accurate forecaster of the yen in a Bloomberg survey during the first quarter. ``It's only in bad times that they stay home.''
Lance, I was in Chile. I've been thinking a lot about the country recently. I think I'm going through one of those stages in life, i.e. reflecting on childhood. Whenever I'm asked what it was like, I say, think of Switzerland and pre 1940 California all rolled into one.
Still remember my good friend Ing. Rodrigo Miranda Roman ( Superintendente de Planta, Pinguino Icecreams), from Chile and very good drinking partner.