Today is a special day – Kelley’s Birthday – thanks for all you do Kelley!!!

On to the market.  How do you suspect the bounce in the value stocks and especially the banks is an oversold bounce vs. a fundamentally driven move?

  1. There was no catalyst other than just being down so much
  2. There has been no change in the U.S. Treasury yields and long-term inflation expectations

It is why we look for both to see a sustainable improvement, rather than go by a single day.  It is however nice to see.

If you haven’t seen it yet, please take a look at our post yesterday in the Macro (gold) section – it is a really important one that suggests where there is an opportunity for improvement.

Follow the Fed – it prints the money


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