Huge tell in bonds today!
My guess is that second-quarter 2010 GDP will be revised from +2.4% to 1.4% to 1.5%.
Today wholesale inventories in June rose by only 0.1% (expectation was +0.5%), which was also far less than assumed in the preliminary GDP report.
My guess is that second-quarter 2010 GDP will be revised from +2.4% to 1.4% to 1.5%.
Anything related to housing -- be it homebuilders, mortgage insurers, banks, remodeling companies -- remain under pressure.
It is reasonable to conclude that there is a large group who expects a double-dip in housing.
Don't count me in that group!
Bonds Not Rallying on Commodity Weakness
Despite a schmeissing in the commodity space, bonds are not rallying.
The market has no memory from day to day.
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