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A Shift In The Narrative?
- This will be the only note published today
- A shift in the narrative could be starting
- Sell bonds, buy value for trades
- Still believe the bounce off the lows yesterday was a short term lower high bounce - risk remains lower
- A look at Bullish Percent Indexes
- S&P futures up 0.4% and Nasdaq futures are down 0.1% after US equities came under some pressure but finished off their worst levels for the session on Thursday.
- Stocks on track for weekly losses after S&P posted its fifth weekly increase in the last six weeks.
- Asian markets mostly weaker overnight with Australia, Korea and Japan the laggards, while Hong Kong bounced but still ended down nearly 3.5% for the week.
- European markets seeing good gains after getting hit hard yesterday
- Treasuries weaker across the curve though yields still down sharply this week.
- Dollar outperforming yen but weaker vs euro.
- Gold down 0.1%. WTI crude up 1.3%.