private, 55+, jobs; public, young loosing jobs;
grossman
Leftback said...
Confidence does appear to be "ouzo-ing" back into the markets today as a "Gyro rally" propels the Spooz back up towards resistance at 1325.
It's hard to feel constructive about any equity rally that is driven by DGDF and a crowded and by now jaded commodities market. Crude and energy stocks still appear to be artificially levitated.
Initial claims are still high, so expectations for the July 8th NFP number might be somewhat tempered, and Q2 earnings will likely be a mixed bag at best.
We went long a few times in June, notably at the VIX spike and the VIX right hand shoulder, and we have been short the long bond for a while. Right now we are thinking about cashing out and taking some of that risk off the table before tomorrow's ISM, we'll see what happens after Uncle Sam has his annual fireworks party.
We're not sure that the Risk-On Club is where we want to party next week. It's the beach for LB....
