Exit Doors
July 24, 2024
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–Solid 2y auction at 4.434, 2.81 bid/cover. Philly Fed Services at -19.1 were at the very low end of the range for the past four years.
–Yields fell slightly. Tens down 2 bps to 4.24%. Five-yr auction today. Other news includes S&P PMIs and New Home Sales.
–Stocks starting the day on the back foot. Both GOOGL and TSLA reported; pre-market -3% and -7%. ESU -43,75 at this writing, 5555.50. Like Joe, investors are heading for the exit doors.
–Yesterday I mentioned TU calls; contract +2.25 to 102.1625 and Sept 103c from 3.5 to 4.5. Sept Copper continues its slide, but held the 200 dma yesterday with a low 413.55 (200dma 412.30). The high in May was almost exactly $1 higher at 513. Eurozone PMI weak this morning. Yen continues to recover and $/yen is now below 155, lowest since May.
–A month ago Karine Jean-Pierre floated the idea that clips portraying Biden as frail or shaky were ‘deep-fakes’. Biden is to address the nation at 8 pm today about his forced exit.
