That was fun for a change. The media will spin a headline to fit the tape but momentum says today was coming. Whether there is the needed follow through to relieve stress only time will tell. More detail below in the model updates.
We are starting to get some well needed clarity. Regardless of direction I will gladly take clarity over indecision. Though there is still some odd price action to understand here. In a risk off day as indicated by equity, Treasury was more muted and slightly in risk on mode. Oil as well, up $3 on the session. Copper was weak, though DBC (commodity index) was strong all in the face of a strong USD.
Speaking of currencies, they too were more mixed in terms of risk. But it is important to note that the USD is due for a reversal and the Aussie dollar has already put in some decent downside, so a little retracing while equity catches up is certainly normal.
