Market Journal: EOD Update

No signal.

Exhibits

Rates were the star of the show today.

SPX and NDX finished in the green, but so did VVIX; and defensive sectors lagging says rates likely continue higher.

Breadth was very mixed. No signal.

HY CDX was a big tell yesterday and early this morning that the market was likely to rip. But it went green on the mid-day sell-off and closed down just -3 bps. No signal.

Focus on Janet. Downside is limited in a “window of strength” with Janet dumping TGA cash into the market.