Not So Confident, Nor Durable
Debt futures are plunging one day ahead of the Fed
announcement on monetary policy after economic reports show the economy may be
healthier than many observers had believed. Durable goods, new home sales, and
consumer confidence all came in stronger than expected, unwinding some of the
economic pessimism that has led to the recent rally in debt futures. On the
release of the consumer confidence numbers, prices across the yield curve fell.
September T-bonds
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Notably for tomorrow, the July Fed Funds futures
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tomorrow from a 56% chance earlier in the session.Â
Dominating the Momentum-5
List, pigs remain on a tear. August pork bellies
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testing the island head from April.
August lean hogs
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Wheat
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head and shoulders from head swing highs on May 1 and June 1, down to 246.
Although every major grain contract is on the Implosion-5 List or the
New 10-Day Low List, this may be an area of capitulation and proximity to a
bottom.Â
Dow futures
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are lower in choppy trade.
Nasdaq 100 futures
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S&P futures
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setups.Â