Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Wednesday, August 21, 2013

Fed Minutes Offers No Relief From 10 Year Treasury Yield

Stock Market Technical Analysis Blog

click on image to enlarge

In the market today investors were hoping the Fed Minutes would shift the pendulum a little more to the dovish side but instead several members became notably more hawkish.  After a quick up and down roller coaster ride the market closed down considerably to show its disapproval of the minutes.  The end of day selloff dropped bonds below their floor line again and drove their yield across the danger line, shown in the upper chart cluster.  

In the lower chart cluster we see the continuing decline of this 2 1/2 week correction with the S&P now approaching a 4% loss from the 8/2 peak.  

Trade well my friends


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