It wasn’t long ago that back-to-back poor bond auctions derailed the market. Yesterday, the U.S. Treasury auctioned off $16.0 billion in 20-year bonds. The when-issued yield was 4.790%, but the high yield of 4.780% underscored the improved demand. Moreover, primary dealers took 9.5% from 11.9% on October 18th.
It’s not just bonds; suddenly, there is a growing appetite for equities. Last week saw $23.5 billion in net inflows – the second-highest weekly tally of the year.
Once again, the three growth sectors dominated, while traditional safe-haven sectors struggled.
The Drought Is Real
It's been 472 days since the S&P 500 was at an all-time high.
The Conference Board Leading Economic Index (LEI) declined for the nineteenth consecutive month. This is the basis of many recessions calls on the Street.
The economic calendar heats up today with three reports.
Today’s Session The dollar is continuing its slide, reaching levels last seen on August 30, as traders continue to believe the Fed will stay the course in December and is likely done with rate hikes. The major indices are under a little pressure this holiday shortened week.
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