“The News Stinks & The Markets Love It” – One Trader Fears Bad News Is Good Again

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Friday’s last minute ramp-up in share prices didn’t set the stage for today. Certainly Asian equities weren’t impressed. But markets are taking a somewhat troubling, yet sadly understandable, comfort in the fact that global bond yields, most notably Treasuries and bunds, have ceded all of their recent momentum higher and the dollar is acting lackluster despite having all sorts of reasons to be pushing higher. Traders are also realizing that while the S&P 500 futures might be cracking the 200-day moving average, they still have the equally important 55-week level right below. And, so far, it has withstood some heavy strain…. CLICK for complete article