Hank Paulson has a demonic laugh! Homeboy almost falls off his chair!
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Show Notes
Summary of the day
Selloff after CPI report. Then an attempt to bounce into lunch. Then the 1pm woosh lower.
10:34am
Equal weight sp500 down $RSP
Russell 2k down
Breadth volume nil
Means Mag 7 are once again holding things up
All things real estate down
1pm Massive selloff
Apparently the culprit to the 1pm selloff was an ugliest 30Y auction in many years, and the market reacted accordingly with yields surging to session highs. The 10Y rose almost 20bps from session lows to 4.70% in seconds
then look at volume breadth at 3:59pm
Breadth
96 new highs
504 new lows (5x more)
18% advancing 77% declining
79% below 50 day ma
69% below the 200 day ma
Stuck out
The nature of the selloff had conviction
Strong
Volatility
Yields
Weak
All recent IPOs seeking new bag holders like Birkenstock
What to watch
JPM WFC C & BLK all report Fri before the bell
Watch mag 7
Watch yields
Economic data
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