Tariff man strikes again. This time…Mexico. Futures down. Yields down. Energy prices down. Yippee! Enjoy the day. Will have complete technical report this weekend.
Distribution! Yields still plunging. All one needs to know this second.
More to come.
Just reporting the news:
All major indices are BELOW the 50 day moving average.
The SOX has pulled an Eiffel Tower move.
Fewer and fewer areas and fewer and fewer stocks are working.
Leading groups are utilities, reits, consumer staples…and a bunch of software names still working. But…mostly defensive areas leading any charge.
OILS yikes…and most commodities…!
Foreign markets blah.
10 year at 2.324 and that is up from the lows.
There is always tomorrow but…the 200 day had better not be breached for the major indices..
Futures up a wee bit after a nauseating Thursday.
We shall see how the day goes but yesterday, a bunch of stuff moved into or below shorter-term support. Not sure this is good news.
We would like to put a good spin on things but:
Oil prices melted down yesterday. This will be good news at the pump but one has to wonder what it signifies.
Ditto for the 10 year yield going below 2.3% though it has bounced above this morning.
Continued confusion out of DC. We can spend an hour on this one but here is just a couple:
The president’s tariffs causes pain for farmers. The president then uses the taxpayer to pay off the farmers. Imagine what Republicans would be saying if Obama did this.
Yesterday…the president says he has a meeting with China’s Xi at the G-20. This morning…the president does not have a meeting with Xi.
Nancy Pelosi…well anything out of the left’s mouths is confusing. But imagine, she all but said the president is mentally ill. Do you know what is ill? When Pelosi got to DC, our debt was basically $0. It is now $22 trillion. That is ill.
OK…we are done. Just remember why Monday is a holiday.