The US 10yr leapt higher to 3.17%, new recent highs — in spire of WTI cracking lower. This is suggestive of both stagflation being present and/or oil being RIGGED lower by America SPR releases. Either way, we are in a bear market and the market closed at the lows — off by 280.
I managed my day in a most genteel manner, +53bps — finishing the session with a combination of long and shorts designed to stymie alpha. I will not be trading tomorrow and will close out today’s positions from the airport.
If I don’t blog tomorrow, I’ll be sure to catch you on Friday.
Remember, September looms large and everything will change then.
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