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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)
  • 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
  • What just happend?Is there any serious reason for that MASSIVE drop?
    31 May 2013, 04:01 PM Reply Like
  • yeah the market is fake......dun dun dun
    31 May 2013, 04:07 PM Reply Like
  • 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
  • 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
  • Easy folks, easy; the wonder boy is in firm control...
    31 May 2013, 04:12 PM Reply Like
DJIA (DIA) S&P 500 (SPY)