Market Snapshot September 13, 2018
Good Morning on this fantastic Thursday,
I am off to a late start so will keep it short(er). Today CPI came in weaker than expected and it should be giving us a boost, but what we are seeing is a dribble not a stream of buying. We have found a little bit of support in here and the 10-yr is at 2.96% with mortgage bonds up about 10bps. Let’s not let this one day of sideways movement fool us, we are still in a downward channel and until the 10-yr closes below 2.92%, I am playing defense. Tomorrow is retail sales which could be interesting seeing that our trade deficit is pretty large/has ballooned. Are many people buying right now? Unless my family is hiding it, I don’t see Amazon Prime as many times a day at my house as many times a day as I used to (um. Maybe I need to rethink that anyway). Well if we need something to blame it on… it might as well be Albania (for anyone who remembers Wag the Dog).
Make today great!