Thursday, March 01, 2007


Equity markets will be opening significantly lower this morning, with the buzz being a large unwinding of the yen carry trade.

And the herd has the blues. Despite the reassuring personal consumption numbers and benign employment figures, the market is looking for any reason to sell. When people have their umbrellas out, it always rains.

Longer term, real GDP growth, while easing, continues to trend higher. Which is why I remain short a few of these:

Price for US Economy in Recession at

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