Bond futures are under significant pressure, today, with yields making a significant move higher (hitting new 2013 highs) and the yield on the U.S. 10 year is now over the annualized S&P yield for the first time since late March 2012.
Energies have been strong all session, with the exception of Natural Gas, which traded up to 4.30 overnight and reversed course -- trading as low as 4.13.
Metals were quiet on Monday but when the impressive Consumer Confidence number was released at 9 AM Gold and Silver were sold. In the past hour they have rebounded and Gold is now up on the day and Silver is largely unchanged an hour ahead of options expiration.
Gold 17 off lows, Silver .30 off lows.
Industrial Metals are performing well, particularly Palladium.
Lumber Puzzles
The divergence between Housing Starts, the Homebuilder Index, Permits, etc and Lumber over the past six weeks is puzzling. The last time we saw Lumber futures crack like this (down nearly 30% from highs) and HGX continue to advance was 2005.
Also, an update on the July vs. November Bean spread: last week it traded 298 over (July nearly $3.00 premium to November). That spread traded back to $2.20 today, a vicious move in an old crop/new crop spread.
Remember, futures trading is risky.
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Bonds: Ten-Year Yield Pressures Futures
Published 05/28/2013, 01:57 PM
Updated 07/09/2023, 06:31 AM
Bonds: Ten-Year Yield Pressures Futures
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