walking in memphis
market vibes
September 15…)
“When in doubt, add more wine.” Anonymous circa 1960s
No algo-sensitive data this morning. Tomorrow, quite a bit of BLS data, but none of it with weight or creds to move prices: retail sales, industrial production, a 20-year auction.
In the news
Millions rallied for Kirk around the world, and while they were at it, said F you to their governments, the Brits especially. It is the era of the image over the written word. At the bottom of the pile in the laundry room of Europe, some think the fall of Macron may have serious financial implications.
Trump takes the Guard into Memphis
In the markets
Bonds, stocks, gold, copper, silver, much of trillions in crypto and Bitcoin are at their recent or all-time highs. The mood is generally tranquil and confident despite excessive positioning, domestic and foreign travails and generally sluggish activity.
The FOMC meets to debate the path of US interest rates tomorrow and Wednesday.This chart underscores the palliative impact of a rate cut for US bank reserves.
In continuous daily data, the 30-year bond had a very good week, trading at the highest prices since April 8. Bonds are improving because the narrative is consistently leaning towards sequential cuts well into 2026. There is a lurking awareness the debt needs to be rolled forward this month with an agreement in the house, but there doesn’t seem to be any stress around that for now.
Alex Manzara from RJO Chicago noted this morning, “The MOVE Index ended Friday at the lowest level since early 2022 at 73.37.”
WE are updating S&Ps this morning at a 6th ATH since June 27, gold a few dollars from another ATH, copper in the sale bin, and bitcoin stuck in second gear… Plus my strategy to not get run over in the vibe…
