The US 10yr is breaking out in yield, absolutely — now up 10bps to 1.63%. This is causing a grave sell off in tech and high growth and leading towards higher prices in old man stocks and the Dow. The fear is no more BRRRR, and this $1.9t is the final salvo in what has been a year in wanton and grotesque degeneracy. At some point, prices normalize and so do yields.
This correction is long overdue, but it will not last forever. Nevertheless, the trend has been and most likely will be STARK SELL OFFS in stocks like PLUG and other asshole bubble stocks, while airlines and other back to normal stocks trend higher.
I opened down 150bps and sold everything and have been nibbling since. I don’t think the market can reverse higher with the yields soaring like this and will be sure to moderate my impulsive buys to a minimum, perhaps maximum 30% exposure to the market.
We had a good run and made a lot of people rich. But now that’s over and it’s time to hunker down for the dark summer.
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You are allowed to trade Dow Joans stocks you know
I wish you were a better speller, but I had to “like” your comment anyway. (Stocks is spelled “stonks” btw)