Nasdaq > 11500
Yields Rise
Well this morning’s post was looking for a catalyst either way and above 11500 in the Nasdaq seems to have done the trick for now as MarketWatch reports:
We talked about that 11380 area as well and after the initial NY open test, it was to the moon bid:
Nasdaq running up basically 300 points higher and with a lot of folks moved to cash, nothing would surprise them more than to see this rally continue. We have seen that theme before time and time again, where the equities anticipate a FED pivot, they bid the market up to then see the collapse commence once the FED actually starts cutting rates…so dear readers don’t be surprised at that.
The SP500 has run into 200p Vwap resistance and has the top trendline channel in view. Perhaps we will continue to probe that area to see where patient shorts reenter the market place. For now Friday has ended on a decent bid in equities but be mindful there are plenty of sellers above waiting for a push to reset at better locations, in particular near the 4100 marker in the SP500:
Bonds today were hit a bit and the curve has given back some recent steepening, although we are starting to see continued support for the 5 Year vs longer durations, this is a favorite theme of ours this year and will suspect many will get on board as the year progresses but for today yields are higher across the board:
Ok traders have a good weekend, get some R&R read something new, discover something with someone special and give up some of your time to someone else. Time is valuable, don’t waste it on social media, get off that and discover your world!
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