Confidence missed by 7.3 points and the front end of the curve rallied. The 20-year cheapened anyway, the 5-year moved 0, and equities took the long end’s side of the argument.
...Confidence missed by 7.3 points and job openings fell for a third month. The front end rallied, 20-year money got dearer anyway, and the 5-year refused to take a view. The index called it a 0.17% day. The Russell closed the quarter at its floor.
...Up a day, down a day, and a handful of stocks doing the lifting. SPX’s 7660 is holding for the moment, Bitcoin needs 85,000, and I’m waiting to see the logging truck.
...Monday’s tape raised its odds of another rate increase and sold gold by 3.95% in the same session. The textbook says those two things disagree. We go looking for which one is telling the truth.
...The 2-year jumped eleven basis points on Monday as the market raised its odds of another increase. Gold spot, which exists for that exact risk, fell 3.95%. Somebody is wrong.
...SPX is flipping off the 7780 zone again, Uncle Russ keeps up the lazy decline, and my fast bear move is back on the table. Here’s why I’d welcome it with October around the corner.
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