The ETF drain, housing and jobs data are influencing market psychology more than eastern, (China) demand. Remembering the rare earth bubble is a warning about listening too much to China supply demand stories.
As has been stated, we were wrong about I/O but really it could have gone the other way, only hindsight brings clarity.
Interesting to watch the 10 year creep up again
I am still buying a little, but trying to save some powder also, 1,250 is tantalizingly close for the shorters, they seam to get what they want so long as the 10year does not spike in the meantime.
Some great posts lately, far more intelligent than mine
