With continued volatility in global markets, today one of the greats in the business sent King World News a powerful piece warning about a loss of confidence in the Fed and the most important data in 6 years. He also discussed what is happening in the metals and currency markets.
May 8 – Overnight bond markets were mixed, though German 10-year bunds continued to take a beating, trading as high as 65 basis points before rallying a bit. World equity markets were slightly weaker. The early going here saw the indices sort of hugging unchanged, though slightly red through midday. In the early afternoon though, a small party started and the market closed roughly 0.5% higher. I guess most folks were not too worried ahead of tomorrow’s (Friday’s) nonfarm payroll roulette wheel.
