10 Year Plunges To 2.86%, Stocks In Denial And 10 Points Rich To Intraday Fair Value
Once again stocks refuse to deal with reality, as the 10 Year has plunged to a shocking 2.88%. The treasury-bond convergence trade beckons again as stocks are about 10 points rich, with an ES fair value of about 1,055. Sell stocks, and sell the 10 Year.
Update: he divergence getting silly now: 10 Year all the way down to 2.86%, as even the DXY implies stocks should be about 10 lower.