You are currently viewing Market Snapshot 5.24.23- Ground Hogs Day

Market Snapshot 5.24.23- Ground Hogs Day

Good Morning on this fantastic and best day of the week, Wednesday.

Ground hogs day bonds, same story, just not a great situation.

The ten-year is sitting at 3.73, which is almost at that Fibonacci 50% retracement level (3.77). If we break past that, traders begin to wonder if this might be a full reversal, we hope that it’s not. And it did hold yesterday, so that’s good. But I don’t think we’re gonna get below the next level, of 3.65 quite yet. I think we’re gonna stay stuck here until we get Friday. Inflation numbers, PCE. And I’m not sure what those are gonna look like.

Today, there was no news at all that was helpful or otherwise. Mortgage apps down again, 4.6%. We will get the FOMC meeting minutes today at 11 am Pacific. That could be a market mover. We don’t really have any news tomorrow other than unemployment claims. The GDP revision nobody cares about bending home sales is not a big deal.

Friday is the everything day. Let’s hope we get calm Personal Consumption numbers.

Please remain safe and stay healthy, make today great!