Once again the reflexive response that bad is good is occurring in risk markets. No ssoner had the dismal retail sales number printed than we are seeing Treasury yields tumble (within a basis point or two of record lows), the USD snap lower, and Gold snap higher. It seems the relatively sanguine nature of stocks this morning was the target for gold and USD's move but ince again we remind any and every dip-buyer that NEW QE can't come when everyone expects it and asset values are at least primed for a little jump (not within mult-year highs) as the deflationary threat Bernanke is primarily concerned with is clearly not evident.
Treasury yields plunge to near record lows as USD crumbles, Gold rips and stocks are stable...
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or is it front-running of another day-session open gapfest?
[3]
Charts: Bloomberg