There’s some good research on marketwatch.com this morning that illustrates the fact that no interest rate inversion (10s1s) in the past 70 years occurred without a subsequent recession. The average lag was about 14 months, meaning that we’re now officially overdue. Furthermore, none of the post-inversion equity rallies lasted. Every single one was completely reversed, … continue reading →
Futures have slipped about 10 points on quiet trading. continued for members… … continue reading →
Futures are off moderately this morning on low holiday volume. continued for members… … continue reading →
After falling for months, YoY PCE ticked higher in July: 3.3% versus 3.0% in June. Excluding food and energy, the print was 4.2% versus 4.1% in June.The data pared some of the overnight ramp, with futures easing lower as we approach the opening bell. In other economic news, personal spending (0.8% MoM) rose faster than … continue reading →
Futures are off slightly in advance of consumer confidence data due out at 10 ET. continued for members… … continue reading →
It’s been lonely maintaining that rates would continue to rise over the past 10 months. As we noted in Decision Time: “TNX…looks likely to test 47.55 after it digests recent gains.” After the 10Y topped its Oct 21 highs, folks started coming around. Now it’s looking fairly obvious.The only question is whether Powell will fess … continue reading →
Futures have broken out on a new VIX “breakdown” and the runup in NVDA shares – now the 4th largest component of the S&P500.This seems off to us, as Powell is likely to come out more hawkish than expected in his Jackson Hole comments. continued for members… … continue reading →
Futures are up 0.40% largely on bullish algo positioning……with VIX now down 13.4% since Friday’s 200-day moving average tag. continued for members… … continue reading →
Futures are up modestly in advance of the Jackson Hole symposium. continued for members… … continue reading →
VIX’s constant slide has been one of the best indicators of the runaway bullishness over the past 10 months. Over the past week, however, it has soared to new highs, reaching our 200-day moving average target well ahead of schedule. What does it portend for equities? continued for members… … continue reading →