Today’s Industry Meetings (Via TheFly)
Positions: None.
Interest Rate Worries Trap Bulls and Gain Momentum
Numbers are pointing in the same direction, and it is the wrong one for stocks.
This Morning’s Market Recon Column
Anatomy of a Bond Market Selloff
Positions: Long LMT, SNDK equity.
150 Minutes to Go!
S&P Futures: -40 vs FV.
Nasdaq Futures: -280 vs FV.
US Ten-Year Note: 5.13%
US Two-Year Note: 4.881%
US Three-Month T-Bill: 4.133%
WTI Crude: $93.08
Gold: -0.53%
Silver: -1.12%
Bitcoin: -1.16%
US Dollar Index: +0.15%
Positions: Long physical gold & silver
Anatomy of a Bond Market Selloff
Let’s break down what’s happening with bonds and how things unfolded Wednesday. Plus, two items from the ‘What the Heck’ department.
Good Morning, Let’s Do Thursday!
Our dear friend, Dougie will be off today and tomorrow. In his stead, I, Sarge, will be your backup quarterback today. I will hopefully remind you more of Earl Morrall or Jeff Rutledge than Jameis Winston. In reality, I actually do think that Winston will prove himself up to the task at hand, but Monday night was rough.
OK, you and I must contend with an ugly selloff across the bond market that is impacting stocks as oil prices have started moving higher again. I covered all of that in this morning’s Market Recon column, which you’ll have shortly. More importantly, as Presidents Trump and Xi prepare to meet in DC, Iran does not appear to be any more compliant than the last time we checked in. Let us proceed.
Let’s do something physical to get the blood moving. If you’re up to push-ups and crunches, by all means, have at it. For the rest of you, walking the dog might be a lot. You do you. Then, we’ll meet back here with that second or third cup of coffee and we’ll get after it. This money isn’t going to make itself.
Positions: None
Is a Double Dip Decline Needed to Set the Market Up for New Highs?
If we look back at the indicators, we’ll see that double-dip declines led to durable rallies.
Stocks Tumble as Yields Surge
A jump in yields to fresh multi-year highs cascaded through markets Wednesday.
Yes, We Are Oversold. But We Are Also Complacent.
The problem is that people just don’t think the market can fall more than 5-10%. Which means that it can.