Stagnant Yield Contributing to Year-End Panic Into Equities By: MPTrader | November 28, 2017
I have to tell you that it is staggering to me that 10 year YIELD has not budged on the upside, and if anything, has declined while the equity indices continue to ratchet and accelerate to the upside.
My sense is that if there are fundamental underpinnings to the upmove in stocks, then rates should be climbing as well.
My sense also is that if there aren't fundamental underpinnings to the strength in equities after a near 9 year bull market, then the bond market is warning us that equity strength is part of widening, speculative disconnect between stock price appreciation and the underlying drivers. In other words, TINA has created a year end panic into equities.
SPY Still Poised for New High? By: MPTrader | December 1, 2017
From the perspective of SPY, as long as any weakness is contained above 262.10-261.95, its pattern argues that it could still make a run into new high territory that projects next to 268 - 270 next.
Let's keep in mind, that SPY does not trade overnight like ES, which means its pattern looks different-- i.e., more bullish than ES. My sense is that had it been able to trade overnight, the SPY low would have approximated a 262.35 low, which is right in my key initial support zone mentioned above.
Finally, I am not sure what to expect today in SPY. If there is headline news, well, it should lurch in one direction or other. If not, then probably we are left with a nervous narrow range bound market into the final 20 minutes, when all will have to decide what position they are "comfortable" taking home over the weekend amid remaining uncertainty about the rate of the tax bill.
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