Market Snapshot April 21, 2021


Good Morning on this best day of the week Wednesday,


There are no major events on the econ calendar today and no compelling market movers in play so far this week–at least not for bonds. Certainly no inflation data. Stocks, on the other hand, have earnings season, as well as yet another moment to reflect on whether valuations have growth frothy enough to justify a pull-back, temporary or otherwise.  On such weeks, it’s not uncommon to see a more conventional stock/bond relationship.  How much weakness in stocks would it take to make a big impression on bonds?  Since the open, the opposite has been happening. Stocks have turned up and bonds have trickled off. It is not a bad sign, just not seeing much momentum which we need to break below the 50 day moving average yield on the 10-yr Treasury.


I was surprised at how low these numbers are. There is only 4% online shopping as a percentage of total retail sales in India, compared with 12% in the U.S. and 24% in China. Between my wife and girls (and now my 9 year old son who is incredibly adept at using his mom’s iPad… ), I would think we account for a substantial portion by ourselves. 🙂 Clearly bigger ticket items, etc.. are also included in that number. Still 12% in the US seems very low. Amazon has some work to be done.


Please remain safe and healthy, make today great.