As most of you know, we have been too busy making money in US markets to make comment. This is mostly thanks to Ben Bernanke. :)
We sense the power of the equities "floor" may be waining from pressures of inflation. We don't think this is justified, but it seems to be true. We are carefully looking at the market technicals for now.
After all, the only way to beat deflation is to try to inflate(!)
But it's hard to inflate prices while wages deflate. So we need to pay attention.
