Growing number of Representatives in Congress Complaining about Size of Deficit but yet President and His advisors talking about tax cuts for middle class and another stimulus bill.A time and place for Deficits discussion but now is not it.
President Trump to sign an Executive order to mandate that meat processing plants stay open.He will use DPA, Defense production act ,to enforce this.Now it looks great on paper but will enough workers Show up for their jobs if they are still Concerned about Safety?Market reaction in Hogs and Cattle,Similar to how I interpret it Confused.As I type, Hogs have given back all of the extended Limit gains and flirting with going Red, an aggressive move lower.My thinking is That with 33% of production off line causing Carcass values to surge,the forced openings could alleviate the upward pressure on Spot prices.
7 Year auction went off right on the screws,But Bid To cover was below Last months.This was a bit of disappointment after the big beats from both the 2 and 5 year auctions Bid to Cover , yesterday,But still solid demand as it was above the last 7 auction average. Treasuries have been bid All day and as History has told us we should respect the move in bonds and not in Stocks.
Nasdaq started out strong today but has turned tail and trades down 1% .Big tech Earnings start tomorrow after close so it appears traders,investor taking some chips of the table, as the other main US indices and the Semis SOX, trade unchanged to higher. Take a look some Loss leaders in stocks:
Bloomberg TV and a handful of people talking about this “bullish” happening in the Vix,the Spot has moved below the first month future for the first time in weeks indicating just a bit less anxiety today .Circled area shows this occurrence.
How about we look at Vix Curve One Month ago and Today! No words needed