Has the game changed?

In this Issue:

While you were sleeping: the big news overnight was the G-7 joint intervention in the FX market; while there is talk of a cease fire in Libya, the turmoil in Bahrain is showing no sign of abating; policy tightening in emerging Asia is another source of worry
Has the game changed? The uptrend that began in early July has come to an end; evidence is mounting that the economy and corporate earnings are losing precious momentum; it is becoming more difficult to identify what the tangible effects were under the bond buying program; the widespread view that Treasury yields will rise sharply once QE2 is over is wrong
Strong Canadian story remains intact