The Treasury buying panic hit a wall this week. Part of it was due to Tuesday’s $77 billion in new issuance. That’s a lot of supply at one time. After that, it was possibly a matter of the fact that once that paper had been sold, there was no need to prop the Treasury market. At the same time, stocks were hanging precariously at a major support level that, if broken, could have triggered a meltdown, not only in stocks, but in general levels of confidence in the system. So is it a coincidence that stocks rallied at that point and Treasuries sold off? Maybe, maybe not. There are chart readers in high places. They know the score, and they know what’s at stake.
Meanwhile there’s a problem looming that we know about that the rest of the world is oblivious to. It could give us an advantage.
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