Wall Street

The Break

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S&P 500 took decisively to the downside late yesterday, and credit markets followed. No risk-on positioning, but selling across the board broadly translating into stock market weakness. Great for the bears, let the open profits grow. How about today‘s CPI – would the reasonably hot data be viewed as an opprotunity to buy? Very counterintuitive but the dip buyers also appeared right after yesterday‘s open. My primary scenario remains that any buying would fizzle out as we have lower lows to make still in this downswing – nothing against bear market rallies, but we‘re too early on in the tighten…

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