An above 50 reading for ISM manufacturing and better PMIs in Europe failed to keep this rally going as yoyo swings throughout the day were finally won by the bears. After opening up initially higher markets sold off after rumours of Bank failures put jitters in the market place. Bonds in turn headed higher and the dollar strengthened.
Front month euribor spreads have come off 8 ticks from the high as it seems a rate hike hike wont be coming any time soon.
A sell off has been on the cards as we continued to rise, and now we have entered September, historically the worse month for stocks, traders pushed down this market on big volume, with some very big sellers in the Stoxx and Dax futures.
The fact that everyone is expecting a sell off this month suggests to me we may not be done with the upside yet, but if these bank rumours turn out to be true, we could be in for a wild last quarter.
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