Tribal Cap, Daily Cash & Futures Technicals, 3/6/19, Ian C. Burdette CFA, CMT
GM - pls see attached PDF for pivot & ATR daily targets and session stats; HERE
* Global sov debt in rally mode. Gilts lead Europe lower in yield - but even periphery yields are lower. Here in the US, the curve is marginally bull steeper w/ the belly leading the way. Yesterday, UST note/bond futures saw just 67% of the 10 day avg volume or ~$230mm an 01. So far this morning just under $40mm an 01 has traded.
* eminis are off 4 handles at 2787.50 on 120k contracts of volume. European bourses are mixed as was Asia - Nikkei off 0.60% but China CSI 300 +0.84%. 10yrs ago on 3/6/09 SPX made long cycle low of just 666.. It closed yesterday at 2789.65 or up 322% over the last 10yrs for 15.5%/yr. "If" that growth happens for another 10yrs, SPX mkt cap would be ~$78 trillion or pretty darn close to current global GDP in nominal US dollars. (current SPX Mkt cap/US GDP is 116% and 30% of global GDP)
Ian C. Burdette CFA, CMT
Senior Managing Director