The price action in the NY session continued to be confounding as the approach of month-end keeps things foggy in the marketplace. US equities managed to jump more than +2% on the day, led by a more than 8% surge in the transports space. This feels more and more like a potential rally on profit taking on short positions though. Gold held on in positive terrain despite the rally in stocks and was sitting by 934/935 near the close. US Treasuries were bid on good demand at the 7-year auction. The 10-year yield dropped -5 basis points to 2.74% on the follow. In a clear sign of risk aversion, the 1-month T-bill rate slipped into negative terrain for the first time since December. Full text »
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