“It’s not what we do once in a while that shapes our lives. It’s what we do consistently.” – Anthony Robbins
We can’t complain with current action as it’s in line with our base-case assumption that we were going to rally into the end of the month/quarter and gap higher on some kind of trade development at the g20. What will be interesting to see today is how o/n action will hold up into US open and especially if we get acceleration.
All in all, no change to our charts and bigger picture outlook. We reiterate our call that short-term bonds could really be caught off-sides and remember to keep an eye on RTY and that 1600 level for an idea of how likely the latest moves are to really stick and get traction.
July should be an extremely interesting month with plenty of opportunity as we head into the next FOMC.
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