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Stocks turn lower (DIA -0.5%) 90 minutes ahead of the bell as Treasury prices tumble anew (TLT...

Stocks turn lower (DIA -0.5%) 90 minutes ahead of the bell as Treasury prices tumble anew (TLT -1.2%), the 10-year yield gaining another 9 bps to 2.20%. The levered Treasury short ETF (TBT +2.5%) hits a 52-week high. Again hardest hit are the previously hot defensive sectors whose yields no longer stand so tall over Treasurys. Health care (XLV -1.1%), Consumer staples (XLP -1.1%). Utilities (XLU +0.1%) however, get a respite from an ugly month.
Comments (6)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Sharp rebounds in the futures from the lows, 128'240 and 139'03. Are they technically oversold? Perhaps, but there is plenty of momentum for higher rates.
    31 May 2013, 03:04 PM Reply Like
  • Gosho
    , contributor
    Comments (57) | Send Message
     
    What just happend?Is there any serious reason for that MASSIVE drop?
    31 May 2013, 04:01 PM Reply Like
  • mcostigane
    , contributor
    Comments (44) | Send Message
     
    yeah the market is fake......dun dun dun
    31 May 2013, 04:07 PM Reply Like
  • wmateri
    , contributor
    Comments (531) | Send Message
     
    Yes, "Sell before June, then watch them swoon." Seriously, does anybody believe that the market needs any rational reason for its behavior these days? Europe crashed to down about 1% just around its close, so I kind-of expected the U.S. would do the same. No reason needed.
    31 May 2013, 04:10 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Index rebalances, end of month, sharp moves in Treasurys (the indexes were correlated to that today). Copper and crude also moved somewhat sharply lower.
    31 May 2013, 04:12 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2023) | Send Message
     
    Easy folks, easy; the wonder boy is in firm control...
    31 May 2013, 04:12 PM Reply Like
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