Photo: Janice Waltzer via Flickr
On its surface, nothing too dramatic is happening in the market today, at least compared to recent day.But there are some weird, possibly worrisome things going on:
First, obviously, is that stocks are down. The NASDAQ is off 0.3%. But the dollar is down, too, so obviously equities aren’t getting any lift.
And commodities are surging: Silver and oil are both having monster days, so there’s obviously a disconnect between stocks (which are showing risk off) and commodities, which seem to be screaming inflation.
And then on the equities front, you actually have yields rising, again, not consistent with past patterns, whereby you’d expect yields to fall when equities drop.
It’s all very staglfationary.
Obviously it’s just a few hours of trading, but you might want to watch out for a shift.
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