Last couple of days something very unusual has happened.
$SPX/SPY severely failed to move with $TNX.
This indicates that money was flowing out of equities but not into the "safety" of treasuries, driving down it's yield.
Very unusual.
$TNX actually skyrocketed up indicating that no one wanted US debt.
This indicates that money was flowing out of equities but not into the "safety" of treasuries, driving down it's yield.
Very unusual.
$TNX actually skyrocketed up indicating that no one wanted US debt.
No one wanted the $USD, either.
With the $USD down commodities & the market should have gone through the roof, but... it didn't.
However, PMs moved right on up there.
This all makes sense, except for the market: $USD down, PMs and commodities up, $TNX up... but the market down?!
WTH?
This all makes sense, except for the market: $USD down, PMs and commodities up, $TNX up... but the market down?!
WTH?
A: This looks like a definite inflation trade, meaning that defation/depression are (subjectively) off-the-table.
B: With the mkt kinda putzin' around, money isn't really being shuffled around there, meaning that institutional investors remain straddling the fence between continued "green shoots" hopium and some wicked TA that yells "SELL! SELL! SELL!"
B: With the mkt kinda putzin' around, money isn't really being shuffled around there, meaning that institutional investors remain straddling the fence between continued "green shoots" hopium and some wicked TA that yells "SELL! SELL! SELL!"
What I'm concerned about/watching is next week's Treasury dumping to pound down that ridiculous 3.45% TNote yield.
Will money fow back out of PMs and into treasuries?
Also, if this new debt pounds down the $USD some more when is the market gonna wake-the-eff-up and run to $SPX >1000?
