It’s Wednesday, the first mid-week shuffle of the month.
When the U.S. opens I’m looking for a positive capital flow from
Fund buyers.
(H) 30 & 10 yr. Bonds are trading just above their respective 50 DMA’s while
the shorter end of the curve are well below theirs.
The short end is running the show with the 5 yr. Notes still leading the move
set in motion by Fed speak after the U.S. Pit close yesterday.
Some of you are new to my writing. I will not be writing June Treasury levels
for another 2 weeks.
Equity/Bond spreads all look positive which gives the banks a boost.
Gold needs to close below 1238 to signal another leg lower.
Wednesday rule #1: Do not chase or press end of day direction.
Thursday into Friday tend to see some corrective price action.
Whether you’re an RIA or a day trader, it’s rare that you miss something by not loading the boat mid-week.