POPA ReconWhere does this leave us into Friday?
Where does this leave us into Friday? The bulls have an S&P that absorbed a 22-year high in the 30yr and bounced back intraday to close flat, megacap leadership back (MAGS +0.6%, Meta +4.5%), JPMorgan’s argument, junk and investment-grade spreads near 3-year tights, jobless claims at 197k, new home sales at their fastest pace this year (684k against about 615k expected), talk of a phased Hormuz reopening, a Trump-Xi summit that did no harm, and 282k puts at 745 and 730 expiring today. The bears have a 10yr at its highest since 2007 and a 30yr at its highest since 2004, a curve steepening on…
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