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First Call August 16, 2021
- down 0.4% after US equities finished mostly higher last week with upside leadership from cyclicals with banks, industrial metals, transports and machinery among the standouts.
- This will be the only note published today so I jammed a lot of charts on the note
- I included some great commentary by friend Dean Curnutt of Macro Risk Advisors
- Asian markets mostly lower overnight with Japan the big decliner, off more than 1.5% and down for a third straight session.
- European markets weaker.
- Treasuries firmer across the curve with 10-year yields at 1.25%.
- Dollar weaker vs yen but firmer vs euro.
- Gold off 0.2%.
- Bitcoin up 2.0%.
- WTI crude off 2.9%.