Weaker Dollar along with real yields continuing to drop, 10 year real yields -.9% 5 year Real yields -1.15% both down over 3.5% on day and trending lower=increase demand for hard assets .
March lows on the Radar for DXY
many people talking about yesterdays random walk in markets a term that pops up more frequently to explain daily movements this summer. From Rosenberg research …”The S&P 500 rallied 0.8% and, yet, only 3 of the 8 sectors were in the green! The median sector was actually DOWN 1.0%. And financials lost 0.4%, as did the Russell 2000, and the cyclically-sensitive transports were crushed 1.6%. Not to mention the fact that 20 of the Dow stocks closed in the red; strip out Microsoft, and the index fell 50 points as opposed to rising 9 points; then also strip out Apple and the Dow lost more than 100 points. A run-up in the major averages devoid of any semblance of cyclicality. The yield on the 10-year T-note dipped 1 basis point,to 0.61%. The CRB metals index was flat