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Carry On.

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The Yen gaps down and crosses the 10-20-30 day MA in leap-frog fashion.Carry on, the Bulls!..If you look at the 6-mth Daily ($XJY) and place these MAs on the Chart, it gave an early warning to the Feb2007 sell-off.Signal:By leap-frogging over the same 3 MAs and saying goodbye to the Yen-weakness,in mid-Feb....Schneeeeky.Mid-channel Carry resistance at 83.50.Now at 84.16 and descending.Intriguingly, the EEM and EZA are at Double Tops on the Point and Figure Charts.EZA(SA i-Shares) must register a High of 126 to signal a Demand-based new BUY signal.Now at 125.50 High.and 2007 resistance.
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60min EZA Point and Figure registers an ANTICIPATORY Double Top breakout and BUY signal on 3Apr2007....I think 25000 on the TOPI is goodbye,this week sometime.
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And on the other side of the field we see the XLF having a look at its Long-term Uptrend Line(and fighting to stay there) at the 200 day MA.Financials led the SPX all the way(since 2000) and peaked on the Traditional P&F chart in June2006.On the 60min Chart one can see this clearer..## Implication : Financials lead the Trend.And the XLF at 20 will generate its first SELL signal since 2000.Now at 24.Will bear watching,but it looks like that Yen Carry boost came just in time to prevent a major TA breakdown.Individual USA Bank-counters are a mixed bag....Cash is a position.I'll try that one for now.Careful out there.
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That XLF at 24 thing is based on the ratio XLF:$SPX.24 is thus the tipping point.On the XLF chart itself,the price hovers between the encroaching 50 above and 200 day MA below.Money-flow has gone positive for the first time since the massive SUPPLY in early March took over.On the Monthly XLF you see the 2 Huge red Volume spikes in Jan and Feb2007 and price-action right on the Monthly Uptrend Line extant since Mar2003 .##..just to be aware,etc.
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