A Change in Character Worth Watching

There is a change of character worth noting. Today marked a very apparent shift where the Japanese yen, long U.S. Treasuries and equities were all moving together. At one point when the selloff started, most commodities headed lower. It was a dash for cash. Fortunately, it was just a short sprint and precious metals only ran a few steps then quit. Again, this is not a correlation I want to see kick up for anyone long equities. The Bank of Japan continues to ease, so the yen can reverse course quickly and easily. If the word "taper" picks up any more momentum, we'll see U.S. Treasuries sell off as well.

Therefore, a correlation between these three, beyond today, could spell big trouble for equities. If the yen can hold this reversal spike into the end of the day, it would be more beneficial if equities fell. In other words, if this lasts more than a day or two, I will likely get very bearish for the short- to mid-term....213 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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