Please feel free to carry on with your late summer vacation. So what if the kids go back to school. Why should you have to go back to work! Besides, most of our kids are grown. So sit back and enjoy these pre Labor Day dog days. Non-subscribers, click here for access.
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Yesterday’s bond market rally appears to be but a brief respite in a relentless trend toward lower prices and higher yields. A reaction rally is nothing new, and isn’t likely to change the fact that a market steadily getting pounded with new supply when dealers are already net long, will continue to see generally lower prices until something changes. Change is xxxxxx xxxxxxxxx current picture, xxxx xxxxx xxxxxx xxxxx xxxxxx future.
That rally in the bond market notwithstanding, there’s no reason to change my long-term xxxxxxxxx view of the bond market. The pressure on bond prices ultimately will exact a price on stocks as well.
However, the key word is “ultimately.” These are not market timing measures. They merely provide context. These measures of primary dealer market risk say yes, there’s risk, but they are not at xxxxxxxxx that suggest an xxxxxxxxxxxxxx that stock prices are xxxxxxxxxxx another major xxxxxxxxxx.
This is just a lukewarm endorsement of the bullish trend in stock prices for most of this year. The pullback of the last month does not appear to be in the context of xxxxxxxxx xxxxxxxxxxx xxxxxxxxxx , either in technical terms or in terms of the liquidity context represented in this data.
All things considered, I can only endorse xxxxxxxxxxxxxxxxxx chart opportunities on xxxxxxxxxxxxxxxxxthe ledger, as opposed to xxxxxxxxxxxxxxxxxxxxxx. Non-subscribers, click here for access.
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