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Stocks were weak today as Wells Fargo reported record earnings, but also showed net margins that were much lower than expected on the interest rate squeeze of the QE kind, which make banks and therefore SP weak.
Let's see if the bulls can rally it next week. If not, down we go.
Today's 30 year Treasury auction was described as 'soft' as the cover rates were not as robust as yesterday's ten year. Ten-year notes started the day yielding 1.679% and were recently yielding 1.684%, while 30-year bonds were up 12/32 in price to yield 2.875%.
Personally I think that buying a 30 year bond yielding under 3 percent is insanity.
Negative real yields on Treasury debt is a highly bullish indicator for gold.
