Market Snapshot Monday June 10, 2019
Good Monday A.M.,
You have to love the after hours Twitter feed. POTUS on a late Friday afternoon saying that no tariffs with Mexico are needed. Whether true or not, you know stocks love the news and bonds are going to struggle. And that is where we are now, (from Dan Rawitch) Bonds in a bit of correction and the equity markets are stealing dollars from bonds as investors continue to believe there are no issues with the job market, wage growth, global slowing, deflation, the auto industry, record corporate subprime debt, trade war, etc, etc. At this point we may have fully priced in the FEDs next perceived move, if there is one. I am not saying the bond rally is over, far from it. I am saying that the stock market is still on crack and bonds will likely test the bottom of this channel before getting a bounce and this assumes the equity markets slow their roll. Today we learned that there were fewer jobs available this month than last month. Later this week we get CPI and PPI, both could be market movers.
And some other good news, America’s telecommunications regulator passed rules last week that will let phone companies automatically block more robocalls.
Make today great!