Jamie, couldnt agree more. yet the shot across the bow in sub prime mortgages i think has placed a scare. I dont think the carry can disappear very quickly but it leaves to question, Who initiates at these lofty levels, I can understand smart money stepping up at the bargain prices seen Mar 5th. The open intrest is climbing on dips according to the margin traded contracts at least in gbp/jpy that i watch.
Is this not trouble clearly laying the foundations for another perhaps more meaningful deeper correction, to flush out the late longs. The Long Term Investors clearly havent been affected by the last move lower, should they not want to better their accounts if they are still bullish and force the weak holders to liquidate while buying at an even cheaper discount?

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