Quite a choppy session today. We saw the buy the dip crowd appear around 10am again which is becoming a theme the last week or so as the CTA & Hedgy crowd were forced to cover their shorts and take down exposure and lift us green on the day. We have also seen some fairly strange action with the Dollar lower, Yields & the equity market all higher plus Gold higher & crude only down marginally. Retail sales were very strong which gave yields a big boost which initially hurt the market. Semis were under pressure all day due to the restrictions placed on Chips sales to China. Earnings haven’t been as bad as expected and are helping people focus more on the micro than the macro. Later in the day the equity market rolled over as yields continue to grind higher.
Another squeezy session
A few things to point to..