Tuesday, April 26, 2011
TYX & SPX updated
SPX is in a stance to target 1430, yet 30 year yields look like they are making a top (which would be confirmed only with a loss of noted support). Can we have bond yields break down and yet see the market continue happily higher for a while? Alternatively, will the toppy looking yield fake out deflationists and rise with markets as inflationistas insist they must? Beats me, I am just the chart guy and as of now, yields look toppy and SPX hints at a target of 1430.