At this point, the market is just ridiculous. Now rates are running, and I mean running higher. Where were they a week ago, 1.99%? Well now the 10yr is 2.12% and on the move higher. Oh you thought the Fed was gonna tighten and cut rates? How about WRONG — now they’re gonna jack them the fuck higher. They can do whatever the hell they want, as long as the market gives them permission.
This higher rate business isn’t having an iota effect on stocks. They’re still going up. Does anyone even look at this shit anymore?
European markets are running to the upside and we’re foaming from out mouths — waiting to be released from our cages. You can tell there’s another 500 fucking points of plain degenerate upside left in this thing. Lots of milquetoast action today — but don’t be fooled by it.
I am running very late today, as I had a very late night yesterday. But I’m here now and ready to pounce. Naturally the fucking quotes in Exodus are busted and I’m trying to get that fixed as I juggle 20 other things. I should get a fucking medal for the work I do here.
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Bond yields may be sniffing out a touch of inflation. Silver is the story today +2.25%. Fuck stocks, nobody buy’s that shit anymore except the bag holders.
SILVER TO THE MOON!
Nope, rates still going down. We had such a huge move in April/May, of course we had to walk some of that back, especially with markets at ATHs.
Still, the upcoming recession – whenever it arrives – will see the 30-yr Treasuries hit 2%. Besides the customary rush-for-safety, you have the ECB and China buying so much speculative junk, they makes the FED look downright conservative.
With the market pricing in a 100% chance of the FED cutting rates at market ATHs, investors are looking at a lose-lose situation come the end of July.