Consumer sentiment fell 1.8 points to 46.3 and the 2-year closed 5 basis points higher the same afternoon. The shape of the curve’s move tells us which end of the market repriced.
...Friday was the broadest tape since 2 October. It was also the session three phone companies each lost over 10% of themselves, and T-Mobile did 69.5% of its damage in the opening gap, before a single share changed hands.
...All eyes are on the S&P and Naz walking the tightrope. No one is watching sleepy Uncles Dow and Russell, and they haven’t finished falling. Above 7850 or below 7800 settles it.
...The September minutes recorded a majority leaning to one more hike by year end. The 2-year fell to 4.77% anyway and the 20-year rose to 5.71%, which is the wrong way round.
...The minutes recorded a majority leaning to one more hike by year end. The front end fell to 4.77%, the 20-year rose to 5.71%, and 2,155 NYSE stocks went down whilst the index lost a fifth of a percent.
...The SPX bull breakout reached its target and the Tag n Turn tool is flat again. A bear setup has already flagged, and it’s tipped to skip. Meanwhile 2 indexes print new highs and 2 don’t. Same story, same handful of AI stocks.
...Three US indices closed at records on the windows held on Tuesday whilst more Nasdaq stocks hit one-year lows than one-year highs. Three measures of the same session gave three answers, and the gap between them is measurable.
...Three US indices closed at records on Tuesday. Underneath them 2,436 Nasdaq stocks fell, 56 hit one-year lows against 53 new highs, and the whole gain arrived before the opening bell.
...The bull keeps defying gravity, the breakout is confirmed, and my opinion is clearly bull shit. Today’s plan is 3 words long. Plus NazQuack at a new all-time high, 3 butterflies in under an hour and 1 missing bear.
...Money got dearer at every maturity on Monday. One exchange advanced on a clear majority of its own names and the other declined on one. The textbook does not have two answers.
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