SPX futures down about 11 at 7:45am
Euro down, sub 1.42. EUO bid up 1% pre mkt
Gold up 70 bps to 1630. GLD up a buck to 158.75 testing yesterday's highs
Financials down marginally (much less than overall mkt). FAS indicated down about 1%
Big story this morning is rates -- USTs up big again. 10 yr breaking 2.68, 30 yr testing 4. TLT indicated above 99. I back the truck up on TBT if TLT hits 100. Regardless I am playing TBT today on a risk reversal in equities. May buy more FAS on weakness and lighten up on EUO @ 140 in FXE.
Also looking at YCS (ultra short Yen) on continued Japan intervention.
Econ. data:
8:30 AM: Personal Income and Outlays for June. The consensus is for a 0.2% increase in personal income in June, and a 0.1% increase in personal spending, and for the Core PCE price index to increase 0.2%
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