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While this morning's macro data out of Taiwan was encouraging, my greatest fear here is that too many people got levered long this trade too early. I am waiting to buy the Taiwan ETF (EWT) on a down day, closer to $13.11.

Taiwan's June export growth # this morning came in better than expected at +21.3% year over year versus +20.5% reported for May.

New capitalism and trade friendly President Ma is one of the main reasons consider that Taiwan will be able to grow off of China's back. Timing this investment, as with all those we make, remains critical.

KM

(chart courtesy of stockcharts.com)