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发帖数: 299 | 1 Weaker economic data continued to push the bearish momentum forward; May
nonfarm payrolls' (69k vs. 165k est.) disappointed the market by adding the
least job in the last 12 month periods. Furthermore, consumer confidence (64
.9 vs. 70.0 est.), Chicago PMI (52.7% vs. 56.8% est.), and the ISM
manufacturing index (53.5% vs. 54.0% est.) all showed below estimate
readings throughout this past week. These pessimistic releases drove the U.S
. bond market to trade at record high that the 10yr is currently trading
below 1.5%. But how low can yield goes? While this low rates environment may
least a lot longer given from the poor economic condition. However, from
the technical perspective, it may be ready for a bounce that the 10-yr is
approaching to its multi-decade support. Looking forward next week, stocks
are likely to continue to stay volatile with this downtrend momentum, and
the ISM service will be the key mover for bonds.
Technical Highlights:
• Stocks turned underwater on year-to-date basis; bonds soared to
record high.
• The NYSE composite failed to make a bullish turn on its 200day
moving average; Both the S&P and the NASDAQ composite are now trading in the
bearish territory (below 200day SMA).
• Market decline led by abnormal negative performances on offensive
stocks; Historical data continued to point the market lower.
• While the 10-yr Treasury yield traded at record low, it is also
approaching to its multi-decade support (see chart on page 6).
read more at...
http://www.alpbeta.com/p/plus.html
or
http://plus.alpbeta.com/report/201222.pdf |
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