The best sign there could be some follow through to today’s upside in the economically sensitive Banks and Tanks (S&P Financials & Industrials) is that the rise in the 10-year U.S. Treasury Yield and steepening of the 2-10-year UST Yield Curve progressed throughout the session rather than seeing a midday stall. This rotation and “market tells” from the various asset classes should be the topic of discussion tonight at 5pm sharp when I am on CNBC’s Fast Money show.
There is simply no way to paint today as anything but good – the SPX is breaking out of the recent range, the breadth is expanding, and the “right” sectors are ramping if you believe the economy can see a stronger recovery once we get a vaccine.
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