As we expected, the BOJ has once again intervened on the Dollar.
I mentioned in this weekend’s White Christmas Portfolio update that the reason we cashed out our bullish positions and went bearish into the weekend was based primarily on our FUNDAMENTAL expectation of intervention by the BOJ to support the Dollar which, as we all know from reading Stock World Weekly, is going to put a dent in US equites and commodities which are, of course, priced in US Dollars.
Unfortunately, I’m working from a hotel this morning as my whole area (North Jersey) is having severe internet issues due to downed trees from this weekend’s amazing snow storm. For those of you not in snowy zones, when there is snow while there are still leaves on the trees, the accumulated weight of the snow can snap the branches and, as this was the biggest October snowfall on record (since the 1860s) we have A LOT of downed trees and branches. This occurring in the same area that was hit by massive flooding last month!
IN PROGRESS
