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AUSTRALIA 200

Clearly in a hesitation mode. Bulls maintain an argument while immediate support levels hold, but it does look to be tiring given the high bullish sentiment. Prefer to cautiously sell.

DOW JONES

Again a first crack in the recent run of gains. They have been smaller and smaller fresh highs. Again suggesting a running out of steam, perhaps a teetering topping-out formation is possible here.

NASDAQ

The tech sector looks quite stretched just below its previous highs. It is doubtful it has the immediate energy to continue much higher. If it does, respect that, but more and more people are likely to begin to take profits here.

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EUROPEAN RETAIL SALES

An on again off again period for the European economy and particularly retail sales. Some overall stability is likely to develop in the months ahead. Beware of placing too much sustainability on the out of lockdown spending sprees.

US BUDGET DEFICIT

Continues to deteriorate sharply as we all know. Any movement upward in interest rates over the years ahead will have an extreme impact on US budgets.

US PRODUCER PRICES.

Economic dislocation price pressures continue to roll through the economy like a relentless tsunami. The Fed will continue sitting on its hands on rates. Though at some point, quantitative measures need a very quick unwinding.