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JGBs – resume selling
Sep. 3, 2013 September JGBs Current Position: Short Long Term Bias: Short JGBs look almost ready to break out towards new lows (high yields) following the fresh triangle break in Yen. We all know that...
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Equities – Seeking New Highs
Oct. 15, 2013 U.S. equity markets looked overbought and expensive in mid to late September, but the subsequent declines felt labored and even somewhat reluctant. On October 9 the markets made a modest...
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JGBs – Higher Yields Afoot
Nov. 15, 2013 Japanese government debt currently stands at an astonishing 240% of GDP. The BOJ is buying 70% of all net government bond issuance, helping to keep rates contained, but an improving...
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Yen, JGBs, and Real Yield Differentials
Dec. 4, 2013 Selling Japanese Yen has been a good trade again these last few weeks, as the six-month triangle consolidation pattern seems to have finally cleared the path towards new lows. But the...
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Buy Treasuries, Sell JGBs
Dec. 9, 2013 Last week I sent around a chart comparing real (CPI-adjusted) government bond yields in several developed markets, showing the significant divergence between the U.S. and Japan in recent...
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Treasuries Attractive Despite Taper
Jan. 17, 2014 U.S. Treasuries are starting to look interesting, and the market may be ripe up for a nice little rally in the coming quarter. Professional traders and investors have spent much of the...
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Stock Markets – the Cult of the Fed
June 9, 2014 (This comment is uncharacteristically light on chart content, as I am posting this from an island off the coast of Africa where internet connection speeds are a bit slower than I’m used...
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