Inflexion Point In $/Yen...

I seem to be calling inflexion points in $/yen pretty well. I was away for a few days and the first thing that I noticed when I came back was the horrible price action in the $/yen off its recent highs immediately after the NFP numbers this past Friday. $/yen rallied quickly, hit *a lot* of stops above 119 and then proceeded to completely reject that (higher) level, turn around and sell off for the next 2 days. Yes, there are some i-rate encouraging news out of Japan, but then again the FX market is notorious for going where it wants to go, rather than where people expect it to go. And all of this is even stranger given that the euro and cable continue to be quite weak against the dollar.

As far as the general equity market is concerned, the SPX continues to flirt with the possibility of a pretty disastrous technical breakdown below the 1,260 level, but so far it just manages to keep its head above the water. I am still holding on to my bullish March call... Time is my ally.