Sliding Down

Europe is getting pounded this morning in reaction to the hit in the states yesterday. The S+P 500 is down seven out of eight trading days this month.

Some sort of bounce has to come, so I'd think anyway. Markets don't usually trade one way for too long.

The ten year popped up to 4.50% on the data. That level, 4.50%, looks to be resistance on the chart, a break above here and the yield could go up quite a bit.

An inverted curve is bad but so are rates that are too high for a fragile economy. Maybe the Fed is smarter than everyone thinks and they will engineer something that is not wildly negative.