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Market Snapshot 8.29.23- Bonds Are Having A Good Day

Good Tuesday AM,

Bonds are having a good day.

The 10-yr note is down to 4.11% (25bps from a week ago). At this point, the technicals on the chart look strongly in our favor. I never want to say that too loudly to wake up the dark forces. The data today finally came in as expected. Jolts report (Job Openings) was crushed.. down below 9mm jobs now.. that is turning the employment situation around quickly.  

FHFA housing number dropped considerably.

The Case Shiller price index was supposed to be positive and it came in negative 1.2 and consumer confidence got hammered from 116 consensus to 106. Tomorrow’s not too big but you know you could see GDP second estimate revised up.

I don’t think we need to worry about locking at this moment, but always know that the market could pull back at any time and that doesn’t mean the rally’s over. Thursday, the PCE numbers, and Friday the payroll numbers. Huge days, the biggest days that the market cares about. So, it could be an interesting week and hopefully we can continue this improving trend.

Russian Roulette with Mother Nature is never good.

Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy. Some skipping insurance say they are doing so because they can no longer afford the rising premiums. Others, particularly among the wealthy, say they have enough money saved to rebuild or move elsewhere should their home be destroyed.