Bonds were initially a hair weaker overnight but reversed course starting around 7am ET as oil prices fell. On the other hand, oil had already begun moving lower earlier in the overnight session without a proportional response in bonds. In other words, there was some extra oomph behind the 7am move. This could be as simple as different traders being awake and tuned-in at different times of day, but could also suggest large money managers buying the dip (in both stocks and bonds) amid an absence of additional negative news on the Iran war.
Surprisingly Light Selling Given The Econ Data
Surprisingly Light Selling Given The Econ Data
Today’s market reaction to the big beat in NFP (162k vs 56k) certainly stretches the paradigm of most market watchers who’ve been in the game for more than a few y…