The video in this report is only accessible to members
The video in this report is only accessible to members

Given the degree of sideways trading in Equities over the last week, the real focus should be on what’s happening in Foreign Exchange (FX) as well as Treasuries.  US 10-Yr Yields look to have found good initial support near 2.70%, a meaningful support level coinciding with lows over the last few months.  Following a stronger than expected JOLTS & ISM reports, rates turned back higher Wednesday morning, and I expect this is a rebound that likely continues in the weeks to come.   Many have “thrown in the towel” on the idea of further selloffs in Treasuries given recessionary fears resurfacing.  While I agree that yields likely do move lower between July and September, I don’t share the vision that rates have definitely peaked for the year.  Current technicals suggest that a retest if not brief move above June highs very well might happen ahead of a larger pullback.  3.00% is a very important level for TNX on a bounce.  Getting over this would tilt the odds that 3.483% will be tested and briefly exceeded into late July.

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Commodity breakdown should extend given intermediate-term trend break  

While some rightly acknowledge that the economy could be undergoing m...

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