Futures were off moderately after disappointing Fedex earnings/outlook and in advance of consumer confidence and existing home sales, both due out at 10am ET. Despite strong prints that argue against rate cuts, stocks are back in positive terrritory.Maybe we’ll finally get that long overdue backtest. SPX closed yesterday at one of the most overbought levels in almost 30 years.continued for members… The DXY is hanging in there – refusing to break down – which should give equity bears some hope.

And, despite CL and RB rallying higher thanks to problems bringing oil through the Red Sea… …the 10Y continues to push lower.When the 10Y is lower in spite of increasing inflationary pressures, it suggests that there is increasing flow into bonds – a bit of a warning for equity holders if it continues.

GLTA