Something Is Up (Not Stocks)
Between Kansas City Fed's George's comments on Tapering sooner rather than later and the end of today's POMO, US equities are sliding the most intraday since Bernanke said "moar" last week. Interestingly, the USD is being sold rather notably - a trend that began following yesterday's retail sales miss; but bonds are little changed despite the drop in stocks. Homebuilders have retraced all of their spike gains from the NAHB idiocy and financials are now negative for the week with only Utilities in the green. Gold and Silver are up - as is WTI but oil is leaking lower as stocks fade.
Homebuilders, Energy, and Materials are all back to red post-FOMC (6/19) and the Dow is rpaidly approaching red from the same date.
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