So, we had another up day on Wall Street....Except for the close, where the bears sold us down to about even at the close. At one point, we were up 35 points on the Dow. Respectable, considering the 170 point day we had the day before....
Most importantly I think my tell is really on the money. The 10 year yield has backed up to 3.83 (which is a big move for the ten year lately), and is approaching "pre-February employment number" levels. Now, some would say that this is just a normal reaction to the upcoming March jobs number and that the action is not market related.
My retort to that is that correcting and basing action like that is usually more abrupt and any good govvie trader is going to wait next week to get the income numbers before they start trying to pin the yield anywhere. I believe this is the crawl towards 4 that will release the dollars back to the stock market and drive us higher. So far, the tell is moving in conjunction with the market in similar steps, Ill keep watching. However if we get to 4 before the jobs number, I'm going to take a short hedge in case the jobs number stinks it up. Please don't stink it up jobs number, please don't stink up the room.
Have a great weekend! More commentary on Monday....Is this thing on? If you read this blog and are finding the information useful, please email me at gerryl@ethigent.com Id be very interested to hear your views.
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