Mar 13, 2005

Ringgit Toss

This Malaysian ETF (EWM) shows the same bullish trend shared by many non-U.S. equity markets. It is at an interesting entry point with a stop below Friday's low.

Click on the chart to see a larger image!!

Posted by Hello

In our own markets, I expect to see demand emerging for the 5-yr note around 4.40-4.50%. At that point I would expect the 5-10 and 5-30 spreads to start steepening out. The equity indices in the U.S. still have not shown tolerance of higher rates so until bonds find a bottom I don't see much reason for new purchases.

I described a bet in Exxon (XOM) on Monday. You'll notice I would have lost the bet with the reversal during the week. I still expect oil stocks to consolidate for a while while the underlying commodity still might have room to run.

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