US... til Friday 9th May
--- Only 72/500 S&P 500 are beating the index.
--- Last month US PMI Drops, Misses By Most In 8 Months
---Yellen – we will keep rates low.
--- Russell 2000 enters 10% correction near 6 month lows. Russell 2000 first close under 200 DMA since November 2012. DJIA back into red for the year.
--Considerable divergence in bonds means the curve is steepening modestly. Atrocious 30 Y bond auction, expected to price at 3.40, but priced at 3.44,bid to cover was the lowest since 2011.
-- Initial claims dropped 26k to 319k, beating expectations after last week’s spike.
--Strong 10 Year Auction Prices At Lowest Yield Since June 2013 despite 288k NFPs.
--Markets have shifted from the RMB into a USD funded carry trade with low US bond yields working as the catalyst
--NFPS did great! 288K vs 216K expectations. Unemployment rate 6.3% vs 6.6 exp.
--'All time high' is now a market condition: Box pulls IPO 'after a sudden weakening in demand for tech stocks'. ATH is not enough. 18 months ago the company could've got away without even a path to profitability.
--Unempl claims 319k
-- Non manu PMI 55.2
Then... today... celebrating Donetsk Independence:
--Russell 2000 up 2.5% and +4% from Friday.
--Spike lower in VIX (below 12) and... of course USDJPY stop-run back through 102....
--So... DJIA and S&P hit ATH again. we await tomorrow for more exhuberance.
--T yields rose modestly (2-3bps)
--- Only 72/500 S&P 500 are beating the index.
--- Last month US PMI Drops, Misses By Most In 8 Months
---Yellen – we will keep rates low.
--- Russell 2000 enters 10% correction near 6 month lows. Russell 2000 first close under 200 DMA since November 2012. DJIA back into red for the year.
--Considerable divergence in bonds means the curve is steepening modestly. Atrocious 30 Y bond auction, expected to price at 3.40, but priced at 3.44,bid to cover was the lowest since 2011.
-- Initial claims dropped 26k to 319k, beating expectations after last week’s spike.
--Strong 10 Year Auction Prices At Lowest Yield Since June 2013 despite 288k NFPs.
--Markets have shifted from the RMB into a USD funded carry trade with low US bond yields working as the catalyst
--NFPS did great! 288K vs 216K expectations. Unemployment rate 6.3% vs 6.6 exp.
--'All time high' is now a market condition: Box pulls IPO 'after a sudden weakening in demand for tech stocks'. ATH is not enough. 18 months ago the company could've got away without even a path to profitability.
--Unempl claims 319k
-- Non manu PMI 55.2
Then... today... celebrating Donetsk Independence:
--Russell 2000 up 2.5% and +4% from Friday.
--Spike lower in VIX (below 12) and... of course USDJPY stop-run back through 102....
--So... DJIA and S&P hit ATH again. we await tomorrow for more exhuberance.
--T yields rose modestly (2-3bps)
