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.
...A hawkish speech flattened the curve from both ends, and the equity market answered by buying the assets that care least about it. Which half is right?
...Monday was reported as a broad advance. It was three stocks, a broker’s revised target, and four hundred and ninety-seven companies standing very still.
...A 40 point move higher overnight with the Nasdaq in lockstep, while the Dow and Russell refuse to play along and the number of stocks holding their moving averages keeps sliding. Inside: what the Almanac says about the week after triple witching, the upper band that gap should tag on SPX, why RUT is unlikely to get there, and Bitcoin’s bear finally giving up the ghost at the range highs.
...The Fed started hiking, the two-year made a 52-week high and the ten-year went back to 2007 levels. Volatility answered by closing at 14.81. We try to work out which market is asleep.
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