This Is the Day Old Stock Traders Feared

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This morning I awoke to see the re-release of an old movie:

Nightmare on Wall Street

Folks, if you do not think “this” is it, you haven’t been paying attention.

The CPI-inflation lie was a disaster last Friday causing yields to soar. This morning the US Treasury 10 year yield blew through the 2018 high and is now pushing towards the critical level of 3.25%:

Add in the threat of the 2’s – 10’s US Treasuries inverting again and we are on the verge of all hell breaking loose:

Thus when one considers what has been several weeks of mundane, low volume, low commitment distribution with no major volume days for sell offs and individual stocks being given a cigarette and blindfold the futures this morning are not so shocking:

If today turns out to be a high volume day breaking through the 3714 level, then the crash alerts will be ringing high and low. After having a moment to watch some of the Bubblevision shows from Friday, there is still no hint of capitulation from the permabulls and worse, this belief that an interest rate increase from the Federal Reserve on Wednesday of 75 bps might cause a relief rally. This just verifies that these individuals only talk their book and have no clue as to what the real economy is doing.

The buffoonery is endless and honestly quite tiring.

The key levels to watch today are as follows:

10 year yield: 3.25%

S&P 500: 3714 (+/- 5 points)

Gold: $1830 (a break below that level puts $1790 in play)

Crypto: It’s already dead Jim.

There is some good news though. The markets are still in the Wave 2 down that I warned about back in April is here and once we bottom around 3,100 on the S&P 500 after a pause at 3,400, the reality will set in for the uninitiated. The third wave down is the worst and will generate such a societal disruption in the third quarter what is happening today will be considered the “good old days” of equity manipulation.