Stocks gave back a little from their big jump yesterday. Asia was up, Europe was mixed with Germany up over 1%. The German market is up 12% year to date. Apparently money that used to invest across Europe is being concentrated in Europe’s best national economy.
Gold was down again, off 1.6% and is now down 8% in the last couple weeks. Oil was down almost 1%.
Treasury bonds had a sharp selloff today. Is this the start of the move out of the most over-owned investment on the planet? Other bonds are more attractive than treasuries but the next big move for treausry bonds is toward lower prices and higher yields. That will play havoc with the debt service on the national debt which has been financed very short term to keep rates low.