It would seem that my prognostications in my Sunday commentary were incorrect but I'll let the markets be the judge of my prophetic abilities as I believe the verdict is still out.
Stocks "popped" today but no other market interrelationships confirmed their price actions. Commodities, with the exception of steel, were lackluster as they have been since the first week of February. The Dollar traded flat and Treasuries barely budged!
Those who read my commentary posted on 4/15 (Macro Analysis 4/13/2012) will remember the chart of the 30 Year Treasury Bond Yield and my comment that if I were wrong in my opinion on where stocks were going the 30 Year yield would bounce off of the black dashed support line and stay above it. Here's today's updated chart:
The situation in Spain is untenable. No amount of positive or better than expected US stock earning reports are going to change that. I'm riding my short ETF and if I'm wrong I'll be wrong in a big way.
Finally, I received word today that a fellow co-worker who I traveled a good part of the country with in 1998 passed away today. Ed Baird enjoyed Bushmills whiskey and working hard. We had some memorable experiences (West Palm Beach, April 1998) and I'll never forget the "nuggets" of wisdom he would occasionally impart during those travels. As time went on and we went our different ways I never forgot our shared experiences. I last saw Ed in Houston in September 2008 and we had a short but memorable time reminiscing about our travels together. I'm sorry to see Ed go and my prayers go out to Gay and his family. A life well lived ...