Markets are weak ahead of the open but that shouldn’t be a surprise because we’re starting to see some pressure from the bond market.
We saw a big red candle in TLT on Monday, and it was not a baby move…
If it breaks the current level, it will fall back into the main downtrend. This is telling us rates will stay higher for longer.
I’ve of course been saying there’s no way the Fed will cut rates in July, and the market is finally reflecting that. It’s affecting homebuilders and everything related in a big, big way.
Crude oil, meanwhile, is rallying, and if I saw an energy stock that looked like the crude oil chart, I’d be all in. The problem is if you look at energy stocks, they don’t look anything like the Energy sector (XLE)…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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