After popping up above the record 1900 threshold a week ago, the S&P has been down as much at 2% but is now gaining momentum. That is cause for concern if you like low interest rates and you see in the above chart that pricing is bouncing off of the one-year-high price. If pricing fails to penetrate the ceiling of resistance and Stocks make another run at their top, we’ll see pricing fall and interest rates jump up from the current levels.
Reports out today show that there are 3.5 million Americans who have been out of work for longer than six months. So be grateful if you had to get out of bed and come into the office this morning.