It's a real dud of a day in terms of excitement on the event/econ calendar. There are no significant economic reports and no potentially market-moving Fed speeches (Mester speaks at 8pm--too late to move markets--not to mention that her stance wouldn't surprise anyone).
This leaves financial markets to trade in an unencumbered void of influence, expressing their purest, intrinsic trading ideas and goals. On the Friday before a 3-day weekend, those goals may simply involve paring positions and retreating to the neutrality at the center of recent ranges. Just such a move is already underway for bonds from the overnight session.
Normally, the developments in the chart would be more exciting, because we have yields breaking the midpoint of the range and fast stochastics shifting bullishly (blue line crossing below red line near the top of the range). But again, we have to take "Friday before 3-day weekend" movements with a grain of salt when it comes to reading any longer-term significance into them. Thus, Tuesday will be a better day to assess the bigger picture. If overnight gains continue to hold, today will simply be a day to enjoy them.
Join Now or Login to Post Comments