A fairly unspectacular day thus far with Jamie more or less the highlight.  His stock is on the rise after the testimony.

Stocks remain in the range and the S&P 500 below 1240…nothing to do here in my mind.  I am happy high and dry with mostly cash and quick hits intraday in the S&P 500 futures.

If we look at cross assets intraday today note oil (yellow line) diverging lower right now from gold and stocks.

In terms of rates today 10 year treasuries are back near 1.60 now…more flight to safety.




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