Archived IMT (2009.05.13)
Ultra bearish Financials ETFs FAZ and SKF are +12% and 4% respectively as risk aversion accelerates to the full benefit of the yen. Many are asking whether the 2-month cycle I mentioned on March 13 article is over. Indeed, stocks showed another CLASSIC 8-WEEK RALLY from the March 6th low to the May 8th high just as was the case at each 2 month intervals since March 2008. Tomorrow's US weekly jobless claims could intensify the selling if claims rebound off their 601K lows. NZDJPY hits 56.50 target while NZDUSD hit 0.5890 from the 0.61 high. It is a textbook case of FX responding to risk aversion. More in my just released Forex & Intermarket Dynamics" workbook.
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