Archive - May 7, 2015

"A 10% correction from the high projects to 1890 on the S&P. Those shall be our targets to the downside and all the while we shall argue that the bull market is still in effect and that at the most severe we are to be neutral of shares until such time as those targets are high or until such time as there is a clear indication that the correction has run its course and has turned for the better."

• Fed’s Yellen: Stock Valuations ‘Generally Are Quite High’ (WSJ)
• Britain's dead-heat election 'down to the wire' on polling day (Reuters)
• European Markets Roiled by U.S. Fed Chief Janet Yellen’s Comments (WSJ)
• Stocks Drop With German Bonds to Extend $2 Trillion Global Loss (BBG)
• Oil heads toward 2015 highs despite ample supply (Reuters)
• Wary of bond 'cliff,' Fed plans cautious cuts to portfolio (Reuters)
• Saudi Arabia mulling land operations on Yemen border (Reuters)

BOND SELLOFF DEEPENS; GERMAN 10-YR YIELD JUMPS 17 BPS TO 0.76%
SPANISH 10-YEAR BOND YIELD CLIMBS TO 2%; HIGHEST SINCE NOV. 24
ITALIAN 10-YEAR BOND YIELD CLIMBS ABOVE 2%; 1ST TIME THIS YEAR
10Y TREASURY YIELD CLIMBS 6BPS TO 2.31%, HIGHEST SINCE DEC. 8
U.K. 10-YR BOND YIELD CLIMBS 8 BPS TO 2.06%; MOST SINCE NOV. 24
JAPAN 10Y YIELD UP 7.5 BPS, SET FOR BIGGEST RISE SINCE MAY 2013