Bond yield rise buoys stocks as quarter ebbs

The dance of bonds and stocks - Thursday markets were up as bond yields rose. When bond yields rise, bond prices go down. The markets were uptight recently (this week) as Yield Inversion (short term yields exceed long term ones – which is still the case) loomed. A consensus (of at least 1) emerged that even if Inversion is real, it is a signal that comes 18-months ahead of a recession, so there is plenty of time for the clever rich folks to make money in stocks.

In commodities, the price of oil is as ever the signal sign. Goldman’s analyst sees a range of $70-75. This upsets the Tweeting President who runs the country like its his Monopoly board. Last time he got to tweeting on this it may have froze the Iranians. Waivers are part of his strange mechanics. The future of oil the consensus (of at least 2)  holds is range bound trading of $70-75. Price at close Thursday was $59.30/barrel. {In less than a week it would reach $64.}

Agriculture commodities of Iowa are murky in the face of damaging flood waters.

Currency times: The dollar rose to 110.58 to the Yen on Thursday. At the same time, the Euro, buffeted in political and other manners, closed at 89 cents vs. the dollar.

At the Medyan World Cup Day in Dubai, American horses Coal Front, Plus Que Parfait and XYJet all won in early events. Japanese turf champ Almond Eyes too. In victory in the finale, Thunder Snow (IRE) stamped himself as a horse for the ages, making up for the strange loop prance he did at the start of the Kentucky Derby in 2018.