Retreating Yields Lift Stocks and Broaden Market Gains
Treasury yields reversed from two-decade highs, helping stocks recover morning losses as gains broaden beyond Tech, but higher oil prices remained a headwind.
Cool Inflation Print Overshadowed by Rising Yields as Stocks Stumble Into Quarter-End
A cooler-than-expected core PCE lifted stocks early, but a rebound in yields and a sharp final-hour selloff left the Nasdaq as the lone gainer on the day and month.
September Trading Sees Fitting End With Higher Rates and 2 Tiers
Bonds had good reasons to rally and didn’t, which benefited the AI mega caps.
Equity Indices End Lower, But Bounce on Hopes For More Restrained Fed
Major indices were down for a second session Tuesday but finished well off the lows after a key Fed voice said there’s “no need for urgency” on rate hikes.
Lower Oil, Dovish Fed Can’t Stop the Bond Selloff
The problem clearly runs deeper than the next Federal Reserve meeting.
Covering the Balance of Index Shorts
With S&P cash -29 handles I am covering the balance of my index shorts:
* $SPY $762.56
* $QQQ $735.57
Position: None
Resurgent Yields Drive Stocks Lower to Start the Week
Bond yields hit fresh multi-year highs, while oil whipsawed on Iran headlines, sending the S&P 500 into the red for September.
Things I Did Today
Here are today’s things:
* I covered most of my Index shorts:
$SPY $766.95
$QQQ 736.75
* I covered my relatively large $GRNY short at $28.02 and eliminated a small $JOET short at $45.14 .
* With $CVNA down by -$5 I sold my CVNA puts. I remain short common.
* I added to long in $MSOS at $5.09 (common) and bought a crapload of calls for October and November. Added to $GTBIF at $7.70.
* I added back to $GLD at $380.30 today — replacing what I sold on Friday (when I substantially reduced my GLD on a rally at $394.94). I got very lucky for the second time on the precious metal, remember I sold my prior position of this trading sardine at over $400 about a week ago.
* I paid $26.01 for more $WRTH long.
Position: Long MSOS common (VL) and calls (M), GLD (L); Short SPY (VS), QQQ (VS), CVNA (VS)
Trading Opportunistically and Ringing the Cash Register
* This sort of relatively frenetic trading is not for everyone, but it’s for me … for now and until a more serious drop occurs
With S&P futures -45 handles and Nasdaq futures -330 handles I am taking in most of my index shorts for a quick, overnight profit:
* $SPY $766.95
* $QQQ $736.75
Position: Short SPY (VS), QQQ (VS)
Another Day of S&P 500 Losses Saved By Iran Deal Headline
Rumors of a potential deal to open the Strait of Hormuz lifted stocks out of the red, but another rise in yields and oil prices kept them under pressure.