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Market Roundup, Cold Comfort From Mon's Stock Bounce

US
Both rates (30YY taps 2.1383%, 10YY 1.7956%) and equity markets trading weaker (ESH2 -66.0 at 4337.75) ahead the NY open -- this after Monday's sharp risk-off reversal with equities finishing higher on the day (ESH2 tapped 4410.0 late vs. 4215.75 low at midday!).
  • Trigger for Monday's move? Not the noted buy programs near lows, or some stellar earnings release (didn't happen).
  • Possible relief rally as US didn't come out swinging vs. Russia over Ukraine, building coalition support instead? Cold comfort if that as geopolitical risk remains with end result likely the same.
  • Unlikely there was a fundamental driver / headline that underpinned the insane bear market bounce. "Just look at Netflix," one pundit said, "opened 3.5% lower on no news, fell a further 11% on no news, then rallied over 10% off the lows on no news to close lower by 2%."
  • Wells Fargo equity strategists take? It's "time to put new money to work. The 10% correction we saw coming in 2022 occurred intraday Monday, taking froth out of the market and increasing our expected market return to 7% based on our year-end SPX price target of 4715".
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