After the market had "baked-in" a small taper and a likely Larry Summers Fed, surprise surprise! The clock has been turned back. Ten-year bond rates had gotten ahead of themselves, resulting in too much dollar strength. Emerging markets were wilting at the prospect of tightening monetary conditions.
The equity market bull is back for the short term. I took positions today in Google and Priceline. I expect to be short the US$ soon.
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