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I wasn’t going to bother with the “Fed Spread” because there’s nothing particularly insightful about it. Indeed, I’m going to drop my “every Thursday” pledge because it’s only useful if there is in fact a big “spread” between the two. As it is now, the S&P is pretty much where it “should” be from a liquidity perspective (this is normally a premium post, but this time I’m showing everyone).
The question, of course, is how the results will be interpreted. The general feeling is that the “hotter” the number, the worse it’ll be for stocks.
A couple more interesting renderings from our friend LZ, who shows the fascinating relationship that high-yield corporate bonds (HYG) have with super-safe US treasuries (TLT). Check out the trendline behavior in particular:
Historically when high oil and gasoline prices hit Americans ahead of major elections, politicians do everything they can to lower prices.
And earlier this year the Biden administration fired its largest bullet trying to hit that target, by announcing months of releases from the Strategic Petroleum Reserve (SPR).
But as everyone turns to OPEC to blame for this week’s spike in oil and gasoline prices, we must note a different interesting factor that took place three weeks ago as /cl ramped its bearish price decline.
Note this headline that hit the major financial media websites on September 13th (link is to Bloomberg): Biden Officials Weigh Buying Oil at Around $80 to Refill Reserves
And now let’s look at where /CL bottomed recently via SlopeCharts:
(more…)I notice that the Dow Utilities has broken its long-term trendline. That seems like a fairly big deal.
