Rates higher…
January 8, 2025
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…is it due to a whiff of inflation, or borrowing to buy Greenland?
–Data stronger than expected Tuesday with ISM Services 54.1 vs expected 53.5. Prices Paid were 64.4, highest in the past two years. JOLTS continued to rebound, up to 8098k. Treasuries were inspired to make new lows (price). High 30y yield 4.92%, new high since 5.115% in October 2023. Tens fell just short of 4.70%; high in April of last year was 4.706% according to BBG. The high in Oct 2023 was 4.992. At that time, the front TY contract was in 105 handle. 10/19/23 low of 105-10+. (There has been a good size buyer, 100k, TYH 106 puts recently).
–Key reversal by NVDA. New all-time high in the morning 153.13. Outside range day on solid volume; large range ($13) and closed on the low, 140.14. NVDA is the only one out of Mag7 to have posted an all-time-high (META is close). Last domino?
–Today’s news includes ADP expected 139k, Jobless Claims 215k. 30 year auction. Later in the day FOMC minutes and Consumer Credit.
More than 0DTE options, more than unlimited leveraged ETFs, and more than the GameStop saga, Fartcoin has become the financial asset manifestation of exactly what our market has become: Arkham Asylum, bursting at the seams with lunatics laughing like unhinged hyenas and unproductive assets chased by unsophisticated investors who, through the miracle of legalized sports betting, Robinhood, and “working from home”, have developed into full-on gambling addicts.
https://quoththeraven.substack.com/p/behold-the-era-of-fartcoins-majesty
