History

日期:2014/09/15

With all the talk about history, one should note that the markets had a historic move last week. Bonds went down 9 of 10 days, a total of 4 1/2 points, the last 6 days in a row something they do only once a year. Crude and the grains and gold and silver are down about 10% in the last month. The stock market is still at an all time high relative to the fixed incomes even after declining one % last week. People forget that bond yields are determined by expected inflation at a time like this, and that gold has nothing to do with international tensions and corn has nothing to do with the size of the harvest. What a time for great macroscopic trades, and level thinking.