Change of pace today to see the homebuilders near the top of a RS list. Just under Utes and RE... KRE also doing better than many, unlike recent sessions.
Be very afraid of Problem Child 10-yr yield TNX:
Ooops, no, sorry, surprise, TNX reverses down (-2.38% today), with spike up in TLT
“They” are buying treasurys today; they are NOT buying junk HYG
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Treasures, the 10 year, Hedge Funds have had a massive short for months. They are taking profits out of oil according to John Kemp at Reuters, makes me wonder if they are doing the same on Treasuries. If yes then they are accumulating cash which could help fuel a rally into year end when this bounces.
Al_Dente wrote:Be very afraid of Problem Child 10-yr yield TNX
The fear of rising yields, in the mortgage and longbond zones, is seen more in the weekly chart timeframe. It's a kind of "macro dread"; unlike say, a fear of Kim Jong Un which can arise suddenly.
Also, it affects the Fed Model of the intrinsic worth of a dollar of stock dividends.
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I have highlighted the i standard deviation levels on either side of today's POC (Globex session so includes Asian sell off). Adding this to my list of Voodoo pivot points.