es m0nday, page-34

Just a thought but sometimes a relaible indicator can become unreliable IF the market conditions for this indicator changes. My reading of Japan is that she has been in the doldrums for over 10 years ie the background Jap market has been stable (flat). This is apparently now changing and one asks what effect does it have on the Yen and its behaviour forward in time.

Another observatioj unrelated to above is that the midcaps and small caps are green today. Where is the risk aversion ??