Final Bastion for Bears

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There are really only two markets right now that seem straight-up, no-doubt-about-it bearish: miners and bonds. These were two "safe havens", but with the world's assets pouring straight into AAPL these days, safe havens are seen as boring.

I've been more than a little obsessed with miners, and it's heartening to see at least one chart which is breaking down beautifully and without delay.


I had been hoping to get into bonds by way of a bounce, but the bounce didn't happen – – not yet, at least. If we do get a bounce, I will very enthusiastically get short in a big way on TLT. The bond futures, shown below, don't look to have firm support until the mid-120s.


One much more iffy area is the Euro. We used to be talking about the Euro non-stop, but ever since the latest Greek bailout, it has totally dropped off the radar screen. I still think this could unfold into a really nice drop, but for now, it's been surprisingly resilient.


Since we're between earnings seasons, and there's very little economic news going on, the market seems pretty much dedicated to slowly drifting higher and adding market cap to AAPL. The Fed appears to have succeeded wildly at precisely what it set out to do.