Jobs report came in bullish but stock futures already reflected that yesterday. SP and DJ futures look like they are in a 4th wave of a larger 5th of a larger 5th.
I got short crude with stop 87.25. I've got an order buying DX 76.88 stop.
Hey pima, I like this "huge oil tanker" image very well. It also greatly symbolizes the stock market now, especially the image of a breached crazy oil tanker...
Ben's had his way for a year and a half. QE2 was his last hoorah. Now it's tough times for him and the Fed. Anyone holding long-dated bonds denominated in dollars is going to be selling, except for the suckers stretching for yield. They'll hold junk right to the bottom.
you mean your crude stop is 87.25, right?
ReplyDeleteFinger check. 87.25.
ReplyDeleteLooks like you're right about bond prices. They fell hard overnight, some recovery today, but the trend is down.
ReplyDeleteIf that trend continues, rates will rise and I would think that that would have a positive impact on the dollar. That is, the dollar should go up.
So maybe the long awaited turn is unfolding, but like a huge oil tanker, it takes time to slow it down and reverse direction.
Hey pima, I like this "huge oil tanker" image very well. It also greatly symbolizes the stock market now, especially the image of a breached crazy oil tanker...
ReplyDeleteBen's had his way for a year and a half. QE2 was his last hoorah. Now it's tough times for him and the Fed. Anyone holding long-dated bonds denominated in dollars is going to be selling, except for the suckers stretching for yield. They'll hold junk right to the bottom.
ReplyDelete