A survey of purchasing managers moved every Treasury tenor past two years and took the average stock apart, whilst the index recorded a polite decline. Two instruments, one session, opposite accounts.
...The S&P lost three quarters of one percent and the number told you almost nothing. Underneath it, four NYSE stocks fell for every one that rose, the weakest breadth in thirty-two sessions.
...The rally was born on the back of 3 or 4 stocks, and they’ve stopped pumping. SPX and RUT are back in bearish alignment, BTC is stalling, and gold is finally interesting, with a move above 4440 set to trip the setup.
...Treasury sold $69bn of two-year notes at 4.787% and the front end rallied into it. The curve steepened. The banks, who have asked for exactly this for two years, were sold hardest of all.
...Treasury sold $69bn of two-year notes at 4.787% and the two-year yield promptly fell five basis points. Everything past five years did not move at all. The banks watched a steepening curve and sold themselves 1.97% lower.
...The market went meteoric, and it took less than a handful of tech stocks to do it. The Dow and the Russell were nowhere near the party. Inside: the fresh low scored setup taken into the close, why a bear failure here points to a strong bull continuation, the upper band that has quietly moved into RUT’s reach, and Bitcoin stalling at breakout target 1 with target 2 already in view.
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