Interest rates are now in a wave 3 of 3. Bollinger bands are starting to widen from weeks of being parallel. There is still a lot more yield rally to the upside.
The Elliott wave count for the SP500 looks best as a finishing a wave 4 flat that began in early January '05. With the pressure due to oil, rising interest rates, and tough labor markets, wave 5 may not make a new 52 week high. Stochastics are oversold; a bounce of rally is in the works. Liquidate long and start shorting.
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