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<DIV><FONT face=Arial size=2>Thoughts of a downthrust soon disappeared on the
opening and the line in the sand seems to be holding. Certainly the
downward pressure has had good effect on the bonds and we already have outside
day, pointing north. The bounce cutting yesterday's low was nicely
confirmed on the 34 minute chart, which, bar a couple of minutes, coincides
nicely with the opening of the Stock Exchange. The bonds always seem to be
well positioned to go either way when the Spoo clicks in, but it does have
a habit of point in the direction it wants to go - subject, of course, to her
Spooship's wishes!! (There was a time a year or two back when it was
the other way round and the Spoo, when it opened, took the opposite course to
bonds, without a murmur.)</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Hopefully the Middle East killing fields and the
price of crude will not have a lasting effect, in more senses than one, and the
S&P will reverse course with some intent. But the height of the neck
(from wherever you want to draw it) is a looming factor, which we can but
hope will be held back by the presidential contest. </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>But mixing technicals with fundamentals is not good
in most people's books, so anyone got some thoughts they'd care to
share?</FONT></DIV>
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<DIV> </DIV>
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<DIV><FONT face=Arial size=2>Bill Eykyn<BR><A
href="mailto:t-bondtrader@xxxxxxxxxxxx";>t-bondtrader@xxxxxxxxxxxx</A><BR><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read
the tape"</FONT></DIV>
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<DIV><FONT face=Arial size=2></FONT> </DIV>
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