Back to the week’s ‘line in the sand.’
Most interesting action today here is the lack of response in bonds. Stocks at session lows, and bonds are at post NFP lows here as well.
Breadth metrics here are much stronger than we should be, yet the market is wholly imploding.
Oil is firm here today, and $GS is fighting to stay green.
I got stopped out of my ES from earlier this week at +20, so I just reloaded here again at 1874.5, with a very tight stop.
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Something is awry. $TICK too strong. $TRIN not telling a story of a market sell off. TLT down, USD/JPY up.
My head hurts.
Only stock worth owning in this market is XON. Have no understanding why but it just performs.
$FCX has been good.
zika. that’s only reason. once that blows by, this will tank like all the other bios
agreed about the Zika – X0N is playing hot potato with a pin-less grenade
Backend rates had a bad jobs # already baked into the curve.
That’s y u saw 10s (TLT) rally all week even w/ some of strong equity rally days.
Clearly Equities weren’t pricing this in right (hence 2days sell off) and you have to think about the USD weakness…. That had to correct a bit regardless of the numbers.
I was short ES, NZD/USD, and EUR/USD