Here’s What the Market Will Do

It will go up and down violently.

PRE-OPEN MARKET COMMENTS WEDNESDAY - During times of uncertainty you have to trim your size and your trade count. The market is news driven and the news is fluid. One minute it could be good and the next minute it could be bad. The S&P 500 had a 350 point range yesterday and option implied volatilities spiked. This morning US Treasuries are plunging and they could test the low of the year. The 3-year bond auction did not go well yesterday and 25% of our debt is financed by foreign sovereigns. Given the tariffs, they are not anxious to buy our debt and yields are rising. That will weigh on consumption.

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