Posted To: MBS Commentary
Bonds had a rotten day, primarily because stocks had an amazing day (although the terrible 5yr Treasury auction didn't help). In turn, stocks primarily had an amazing day because they had a rotten day on Monday. Looked at another way, in week-over-week terms, the S&P is roughly 2% higher right now--something that has happened to 1 in 4 weeks in 2018. Caveats aside, and holiday trading realities notwithstanding, there are a few reasons to be cautious about this particular move. First off, in outright terms (not percentages), today's stock gains were the best ever (Dow, S&P). Volume was nearly as high as last Wednesday's Fed day. That suggests some investors may be lurking and waiting to get back on-board with stocks as soon as they sense the Q4-2018 dip is over. Beyond that...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://bit.ly/2BLt5IC
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