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S&P trades to new session lows

Still higher on the day, but much of the gains have been erased The Nasdaq is up 33 points or 0.41% at 8032. The high reached 8053.93. The low is at 8012.02 The Dow is up 66 points or 0.25% at 26840. The new all time high reached 26951.81.

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Treasury yields continue to drive higher

This could be a watershed US 10-year yields are up 9.5 bps to 3.16%. That’s the highest since 2011 as it breaks some enormous resistance levels. This could be signaling the end of a multi-generational bull market in bonds. Worse yet, it could mean a bear market in bonds and that would mean a fundamental…

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Here is a contrary view (to buy EUR/USD)

A thoughtful piece from Credit Agricole overnight on the euro  In brief, CA cite:  Italy: Positioning: On the ECB: CA conclude with a trade recommendation to buy EUR/USD. Their nominated entry point is under water as I post, but if you like their reasoning you have an opportunity for better entry thanks to the overnight…