May

7

it was most unusual of times on Friday. S&P closed basically unchanged for the week, while bonds were down 3 big pts on week, 7 big on 2-week basis. S&P is down a bit over 10% and the bonds down 25 big pts since the beginning of the year. calls out for systematic quantification of the regularities.

Here are regularities: S&P down a little on Friday but at 20-day low - bearish for Monday until 1 pm, but then bullish for next days. S&P down 10% in last 90 days and bonds down 20 pts - bearish for next 90 days. One cautions against selling short as that loses 10,000-fold a century.

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