What A U-Turn
S&P 500 tried a few times to turn the dead cat bounce into a trend change, but no success – yields pressure is intensifying and all too real. Something has to give as stocks are holding their ground while bonds already reflect rising inflation (and more deficit spending?) even though we‘re for now getting disinflationary and soft landing supportive data.
I invite you to re-read the Jun 15 summary of how to play rising intraday volatility in equities, now sprinkled with increasing selectivity and conflicting signals as represented e.g. by no risk-off sectoral view yesterday.
Here is how I summed it up in our channel this European morning, and I‘m then bringing you two bond market charts to show the fast bond market turnaround – way more coverage with charts follows in the individual market sections, and you can look forward for plenty of Telegram and Twitter coverage of upcoming Powell speech and JOLTS data expectations and aftermath.
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