US equities are very choppy, leaning moderately lower. S/t momentum is due to turn negative, which bodes problematic this afternoon. VIX is churning the 21/22s.
sp’60mi
VIX’60min
Summary
A real mess of a morning. In any case… the s/t cyclical setup favours the bears this afternoon, and that could be expected to carry across into early Friday.
–
notable stock: DIS
Gains are fading…. and the bulls… or rather the mice, should be concerned, as the stock remains m/t broken with the main market.
–
notable fin: BAC
Banks higher with higher yields. The only threat is if the yield curve inverts, which would merit alarm bells, not least as the mainstream would see it as a warning of a recession.
—
notable stock: CFVI, 60min
Considerable chop… if leaning upward. The cautious can not chase unless they believe the main market has a s/t floor.
—
TNX, daily
Printing >20.00.. as the US 10yr yield has traded above psy’ 2.00%. Soft target 2.25%.
Time to check on the cheerleaders. A subscriber kindly noted that Gundlach was pushed back to Friday.