Foreign purchases of US securities is again trending downwards (as of the last few months)... this does not bode well for the market. It will be harder and harder to keep it up from here... even with manipulation.

... the foreign community has virtually a perfect track record in top-ticking US equity prices when using the 12 MMA data. And of course the reason I am bringing this up right now is that we may have reached yet another important cycle peak in foreign purchases of US equities. We'll have to see what lies ahead, but as of now the May-June period of this year was the first very meaningful downtick in the 12MMA numbers for foreign purchases of US equities for the current cycle post the May 2009 US equity market bottom.

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