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Languid libations


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I found it. Wow. Was that bad. And it has little to do with what I'm doing now. Hurst estimated back in the late 60s that cycles accounted for 22% of price motion. It may be even less than that today. I wouldn't begin to know how to quantify. I do know however, that many of the tools Hurst developed, and many that I use based on his theories as a framework, have served us well over the past dozen years. Most important is to always be cognizant of multiple time frames.

 

Where Hurst did nothing, other than to give indirect lip service to the fact that "fundamentals" drove larger trends, was in the area of liquidity. He also gave zero emphasis to manipulation and random and non-random noise. That essentially boils down to "Don't fight the Fed."

 

Thanks for fixing the link!

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w?s=%5EAORD

 

 

All Ords continued to higher ground, closing +0.8%. Consumer Discretionary +1.3% was top mover followed by Energy, Materials and Miners, all +1.2%.

 

Mixed in Asia: China and Honkers -0.5%, India +0.5% and Nikkers -0.4%.

 

 

On to UK/Europe:

 

 

image;size=239x110

 

 

 

image;size=239x110

 

 

 

image;size=239x110

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Greece secures bailout to avoid debt default

 

 

BRUSSELS (AP) -- After more than 12 hours of talks, the countries that use the euro reached an agreement early Tuesday to hand Greece euro130 billion ($170 billion) in additional bailout loans to save it from a potentially disastrous default next month.

 

 

Hey, now that's a surprise.. :rolleyes:

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Greece secures bailout to avoid debt default

 

 

BRUSSELS (AP) -- After more than 12 hours of talks, the countries that use the euro reached an agreement early Tuesday to hand Greece euro130 billion ($170 billion) in additional bailout loans to save it from a potentially disastrous default next month.

 

 

Hey, now that's a surprise.. :rolleyes:

 

Bondholders take a 79% haircut, but it's not a "default?"

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