an update from last week SPX/IWC ( micro cap Stocks)
200 D MA crude oil Coniuation chart
Lumber weekly chart new all time highs
..lastly from IFR news regarding this weeks long end auctions
‘ After some better buying by real money managers in the belly this morning, sellers returned. Back into bear steepening mode. Not so much because the markets believe a stimulus bill will get done this week. More because traders and investors have an eye on supply. The record sized $112 bn Refunding, particularly the $38 bn 10s Wednesday and $26 bn 30s Thursday. That supply is the largest dv01 risk, in the history of auctions. By far. Back in the May Refunding, auction buyers bid on only $91 bn. That enormous $21 bn add-on will increasingly end up as dealer awards. And dealers always bid for more size, in higher yield increments. As opposed to end users that often bid well below the prevailing yield, to be guaranteed their bonds.