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ES Selloff Racks Up Highest Volume in a Month
Everything is moving in the wrong direction.
Danny Riley
April 11, 2024
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Jeez, this is some rough stuff.
The ES was already weak when the bond action came out with a D rating and they fell 2.5 points and closed at 115.25, down 2.06 points or 1.85%. The 10 year note (ZNM24) fell 1.115 points or -1.24%.
So what does this mean?
The benchmark Treasury yields jumped, with the 10-year yield settling at 4.559% — its highest level since November — after its biggest one-day gain since September 2022. The 2-, 10- and 30-year yields all finished at their highest levels of the year. The US dollar index is at a six-month high, too.
US crude settled above $86 a barrel, its fourth-highest finish of 2024, Gold slipped 0.6% to ~$2,329 a troy ounce and Bitcoin rallied, settling above $70,000. Last but not least, the VIX rallied up 16.62 and settled at 15.81, up 0.84 or +5.6% on the day.
In the end, “everything is moving” — just not in the right direction.