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Bearish Steepening Technicals Rule Roost Despite Soft Data
In the week just passed the market enjoyed a brisk technical sell-off abetted perhaps by a better balance of economic data than has been the case. In other words, the data, somewhat second tier, didn’t warrant the spotlight of, say, more critical impetuses like NFP, CPI, Retail Sales and some of the housing statistics. The reason I start off with a technical excuse is because the weakness started with Draghi’s comments early in the week and though the ECB offered an apology afterwards the market paid little heed. Read more from David Ader's latest musings.
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