The Morning Call---Foreign Treasury selling is getting serious

 

The Morning Call

 

5/21/26

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/renewed-peace-deal-optimism-sparks-oil-dollar-bond-yield-plunge-gold-stocks-soar

 

Summary: Forgive our cynicism, but we have seen this kind of messaging before - regarding 'finishing touches' to a peace deal being imminent - but this time the market really bit, sending crude prices tumbling bigly. That triggered a plunge in bond yields (and the dollar) and bid for stocks, gold and crypto. Hawkish FOMC Mins had little to no impact.

 

            Wednesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            Option premiums reminiscent of 2021 meme stock frenzy.

https://www.marketwatch.com/story/investors-havent-been-this-bullish-since-the-peak-of-the-2021-meme-stock-frenzy-according-to-this-chart-1dfd806d?st=oSUYfu

 

            All highs are not created equal.

            https://trendlabs.com/the-greatest-fundamental-analyst-on-wall-street/

 

            Margin debt up to record highs.

                https://www.advisorperspectives.com/dshort/updates/2026/05/20/margin-debt-up-6-8-in-april-to-a-record-high

 

            Ten year yields---up, up and away.

            https://econbrowser.com/archives/2026/05/the-change-in-10-year-yields-up-up-and-away

 

            Markets still refuse to believe King Dollar.

            https://www.zerohedge.com/the-market-ear/markets-still-refuse-believe-king-dollar

 

Thursday morning setup: A steady rebound in US equities driven by peak insanity in Korea (where the two chip stocks that account for most of the market surged and sent the Kospi soaring more than 8% overnight) faded after a report that Iran’s Supreme Leader issued a directive that the country’s near-weapons-grade uranium must remain in the country, rejecting Trump's key ceasefire demand, while oil and bond yields jumped as traders waited in mounting futility to see whether hopes of a peace deal in the Middle East would translate into tangible progress. As of 7:15am ET, S&P 500 futures fell 0.4% and Nasdaq futures slid 0.3% after otherwise very strong Nvidia’s earnings failed to ignite further strong gains in the artificial intelligence trade. Treasuries fell as Brent reversed earlier losses to climb 2% above $107 after Tehran's response disappointed those hoping for de-escalation. JPMorgan CEO Jamie Dimon did not help, warning that interest rates may climb much further from current levels. Long-dated bonds around the world have tested multiyear highs in recent days on concern about an oil-driven spike in inflation and amid worries over government spending.

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                       

                          Weekly jobless claims totaled 202,500 versus consensus of 203,500.

                          https://www.zerohedge.com/personal-finance/jobless-claims-refuse-show-any-signs-ai-jobpocalypse

 

April housing starts dropped 2.8% versus predictions of -3.5%; building permits increased 5.8% versus +0.5%.

 

The May Philadelphia Fed manufacturing index was -.4 versus estimates of +18.

 

                        International

 

March Japanese machine tool orders fell 9.4% versus expectations of -8.1%; the April trade balance was Y301.9 billion versus -29.7 billion; the May flash manufacturing PMI was 54.4, in line; the May flash services PMI was 50.0 versus 50.7; the May flash composite PMI was 51.1 versus 51.8.

 

March EU construction output declined 1.2% versus forecasts of -2.6%; the May flash manufacturing PMI was 51.4 versus 51.8; the May flash services PMI was 46.4 versus 47.7; the May flash composite PMI was 47.5 versus 48.8.

 

The May UK industrial trends orders index was -41 versus projections of -40; the May flash manufacturing PMI was 53.7 versus 53.0; the May flash services PMI was 47.9 versus 51.7; the May flash composite PMI was 48.5 versus 51.6.

 

The May German flash manufacturing PMI was 49.9 versus consensus of 47.0; the May flash services PMI was 47.5 versus 47.0; the May flash composite PMI was 48.6 versus 48.4.

 

                        Other

 

                          The economic charts of the week.

                         https://www.carsongroup.com/wp-content/uploads/2026/05/ChartsoftheWeekMay11-15.pdf

 

                          A word of caution in defining ‘inflation’ and ‘economic growth’.

                          https://thedailyeconomy.org/article/cpi-meets-goodharts-law-can-economic-metrics-become-fallacies/

 

                          Mortgage rates surge to the highest level since July.

                          https://www.cnbc.com/2026/05/19/mortgage-rates-closing-in-on-7percent.html?

 

            Iran

 

              Overnight news---another false flag.

              https://www.zerohedge.com/geopolitical/ayatollah-orders-highly-enriched-uranium-remain-iran-stymying-trumps-basis-deal

 

              And why wouldn’t Iran stall when---Senate enacts measure to end war with Iran.

              https://www.zerohedge.com/political/senate-advances-measure-withdraw-us-involvement-iran-conflict

           

Monetary Policy

 

The minutes from the April FOMC meeting were released yesterday. The main takeaway (not surprisingly) is that the FOMC is deeply divided on the direction of rates and, hence, the odds of a rate cut anytime soon is low.

https://www.zerohedge.com/markets/fomc-38

 

            Fiscal Policy

 

              The problem with government ‘investors’ isn’t just that they are bad at it.

              https://www.theunseenandtheunsaid.com/p/the-problem-with-government-investors

 

              Uncontrollable spending and debt.

              (3) Causes of Uncontrollable US Public Spending and Debt

 

            Inflation

 

              Blind to the real cause of inflation.

              https://finance.yahoo.com/economy/policy/articles/forget-tariffs-iran-oil-shock-070000349.html?guccounter=1

 

              The current inflationary impulse does not appear to be abating.

              https://bonddad.blogspot.com/2026/05/the-current-inflationary-impulse-does.html

           

            The Financial System

 

              Oaktree Capital on the private credit market.

              https://www.advisorperspectives.com/commentaries/2026/05/20/dispersion

 

     Investing

 

            Bonds are performing like…….bonds.

            https://behaviouralinvestment.com/2026/05/19/bonds-are-behaving-just-like-bonds/

 

            What is behind the bond market rout?

            https://www.carsongroup.com/insights/blog/whats-behind-the-bond-market-rout/

 

            The bond bloodbath worsens.

            https://wolfstreet.com/2026/05/20/bond-bloodbath-worsens-on-inflation-lax-fed-and-flood-of-new-debt-mortgage-rates-hit-6-75/

 

            Is the bond market signaling danger or opportunity or both?

https://www.nytimes.com/2026/05/20/business/bond-market-investing-global-treasury.html?unlocked_article_code=1.j1A.WG_N.C59d4CKNkvMa&smid=url-share

 

 

            Foreign treasury selling is getting serious.

            https://www.zerohedge.com/markets/foreign-treasury-selling-getting-serious

 

            Time for some portfolio reallocation.

            https://www.morningstar.com/markets/us-stock-market-outlook-its-time-reallocate-growth-value

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call---Those who fail to remember history are doomed to repeat it

 

The Morning Call

 

5/20/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/bullion-bitcoin-battered-bond-bloodbath-triggers-momo-meltdown-slams-semis

 

Summary: he acceleration of UST yields (to 19 year highs) briefly broke the spell of AI Capex today (there's still a lot of questions about supply) sending stocks lower (AI/Semis/Momo worst), but 0-DTE traders stepped in to put some lipstick on the pig of a day after Europe closed (but stocks ended lower). Oil was up from last night's lows (but below yesterday's highs). Bitcoin bounced back from early ugliness as the dollar raced back above its 200DMA (six week highs) dragging gold lower. Gotta keep the dream alive for one more day into NVDA earnings (or SpaceX IPO)... .but it's getting harder to ignore the red in bond-land...

 

            Tuesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            Upside panic; nobody wants protection.

            https://www.zerohedge.com/the-market-ear/upside-panic-nobody-wants-protection

 

Summary: Volatility looks dead if you only stare at the VIX. Underneath the surface, however, the market has quietly become one of the most aggressively upside-chased and concentrated setups in years, with investors relentlessly piling into MegaCap AI upside calls while downside hedging keeps collapsing. The setup is starting to resemble late-90s Nasdaq behavior, where FOMO kept overpowering rising yields and macro concerns. Nomura warns the market has also become increasingly fragile beneath the surface, as leveraged ETF buying and aggressive call chasing create a highly asymmetric downside setup if SPX suddenly breaks lower. The market looks calm for now, but once SPX finally breaks lower, the same upside-chasing flows could rapidly flip into forced selling and a violent vol event.

 

Wednesday morning setup: US equity futures are higher led by tech as the selloff in bonds eased and traders awaited earnings from Nvidia after the close. As of 7:30am ET, S&P futures are up 0.3% while Nasdaq futs rose 0.7% showing optimism heading into the release and overlooking weakness in tech during APAC trade. In premarket trading, NVDA is up 1.8% in premarket trading, as semis see a strong bid with Mag7 names almost all higher. Cyclicals ex-Energy are rallying led by Industrials with Defensives lagging and Staples down. European stocks have edged higher alongside a pullback in energy prices, which saw Brent briefly slip onto a $108/bbl handle. Today is all about NVDA but Fed Minutes this afternoon may provide color on the dissenters from the previous Fed Day. Bond yields in the US and Europe retreated from multiyear highs as traders pared back aggressive bets on interest-rate hikes this year. US yields are 1-3bp lower across the curve, the 10Y dropping to 4.64% from yesterday's high of 4.69%, as the USD sees a mild bid. Brent fell 1.8% toward $109 a barrel with the broader energy complex drops as JPM flags 6.6mm bbls of oil crossing the SoH over the last 24 hours; Precious Metals are also bid with Ags seeing weakness. Tomorrow’s macro releases include Flash PMIs and jobless data.

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 2.3% while purchase applications were off 4.0%.

 

Month to date retail chain store sales were up 8.1% versus up 9.6% in the prior week.

 

April pending home sales rose 1.4% versus forecasts of up 1.0%.

                          https://www.advisorperspectives.com/dshort/updates/2026/05/19/pending-home-sales-up-third-straight-month-april-2026

 

                        International

 

                          April German PPI rose 1.2% versus projections of +1.0%.

 

April UK CPI was +0.7% versus estimates of +0.9%; core CPI was +0.7% versus +0.8%; the April retail price index was +0.7% versus +1.4%; April PPI output was +1.4% versus +1.0%.

 

                          April EU PPI was up 1.0%, in line.

 

                        Other

 

                          Auto loan balances and delinquencies.

  https://wolfstreet.com/2026/05/19/auto-loan-balances-debt-to-income-ratio-and-delinquencies-of-subprime-prime-auto-loans-in-q1-2026-how-bad-is-it/

 

 

                          ‘Misery index’ signals growing economic pressure.

                           https://www.capitalspectator.com/rising-misery-index-signals-mounting-economic-pressure/

 

            Overnight News

 

The Trump administration is planning to tell NATO allies this week that it will shrink the pool of military capabilities that the U.S. would have available ‌to assist the alliance's European nations in a major crisis, three sources familiar with the matter said.

 

Two giant Chinese tankers laden with around 4 million barrels of oil exited the strait on Wednesday, the latest signal that Iran is willing to ease its blockade for countries it considers friendly. Iran had announced last week, while Trump was in Beijing for a summit, that it had reached an agreement to ease rules for Chinese ships.

 

India is preparing to send vessels through the Strait of Hormuz to load energy cargoes from Middle East suppliers, the first time since the Iran conflict began.

           

            Iran

 

              Iran now has more incentive to resist US demands.

              https://www.zerohedge.com/geopolitical/iran-now-has-less-incentive-capitulate-us-demands-israeli-think-tank

 

            Fiscal Policy

 

              The deficit and debt without the OBBB.

              https://econbrowser.com/archives/2026/05/deficit-debt-w-o-the-obbba

 

            China

 

              China’s rare earth advantage is still growing.

              https://talkmarkets.com/article/trump-xi-summit-chinas-rare-earth-leverage-is-growing-1779189928

 

     Investing

 

            Sell signal triggered by latest BofA Managers Survey.

            https://www.zerohedge.com/markets/sell-signal-triggered-latest-bofa-fund-manager-survey-record-surge-equity-allocation-plunge

 

Summary: With stocks levitating in a straight, diagonal line from the post-war bottom in late March - a move driven entirely by an offside positioning and a historic squeeze in a handful of memory, chip and AI stocks on hopes that trillions in debt-funded capex will magically trickle down in perpetuity to feed an AI beast whose return on invested capital still remains a giant mystery - it will probably not be a surprise to anyone that Bank of America's latest Fund Manager Survey (available here for pro subs) reveals a record rise in equity allocation among Wall Street's investment professionals...  which has pushed total equity allocations to the highest since January 2022... According to Michael Hartnett, who published the monthly survey (which took place between the 8th and 14th of May and polled 200 panelists with $517BN in AUM), the BofA Bull & Bear Indicator is now right back to 7.8 (effectively triggering the bank's broadest “sell-signal” - recall the last time this was triggered was in December and marked the peak for the S&P until the most recent meltup).As Hartnett recaps the results of the survey: the bull capitulation is almost complete, and early June is now ripe for profit-taking, with bond yields set to determine the degree of pullback (as we noted earlier, with the 30Y hitting a fresh 17 year high, the degree is looking quite big).

 

            The bond market is becoming stocks’ biggest problem.

            https://www.zerohedge.com/the-market-ear/bond-market-becoming-stocks-biggest-problem-again

 

Summary: One of the market’s most important relationships has abruptly shifted. As Treasury yields surge toward post-crisis highs, equities are increasingly reacting like they did in prior inflationary eras: higher yields are no longer a sign of growth optimism — they are a problem.

 

            The bond market causing problems for investors.

            https://www.bloomberg.com/news/articles/2026-05-19/us-yields-flirting-with-2007-highs-entice-and-divide-investors?srnd=homepage-americas&sref=loFkkPMQ

 

Summary: A surge in longer-maturity US Treasury yields is testing the resolve of global bond investors torn between the possibility of locking in the rates near the highest levels in decades and the risk of an even greater selloff. Some strategists, including those at Barclays Plc and Citigroup Inc, are warning clients that Treasury 30-year yields may breach 5.5%, levels last seen in 2004. The head of BlackRock's research unit is recommending investors reduce their exposure to developed-market government bonds, including Treasuries, in favor of equities.

 

            Those who fail to remember the past are doomed to repeat it.

             https://alhambrapartners.com/weekly-market-pulse-chokepoints/?src=news

 

             A split screen environment for investors.

             https://www.morningstar.com/markets/markets-brief-echoes-1999-latest-ai-stock-rally

 

            Priced for perfection.

            https://mailchi.mp/verdadcap/priced-for-perfection?e=d672c968ec

 

            The correction risk.

            https://giftarticle.ft.com/giftarticle/actions/redeem/dad2546b-ed22-4a3f-95ca-97a4b131fc21

 

The Market waits for no one. While the author may have the current math correct, he fails to mention (1) those promising earnings are estimates---what is the likelihood they could be wrong, and (2) what one does when valuations are growing faster than earnings.

https://www.tker.co/p/stock-market-valuations-down-prices-up

 

            Berkshire trolls AI by buying Macy’s.

            https://www.zerohedge.com/markets/berkshire-trolls-ai-bubble-buying-macys

 

            The outlook for dividends in May.

            https://politicalcalculations.blogspot.com/2026/05/the-outlook-for-s-500-dividends-in-may.html

 

    News on Stocks in Our Portfolios

 

What I am reading today

 

            There is no growth without risk.

https://www.bloomberg.com/opinion/articles/2026-05-19/edmund-phelps-legacy-economic-growth-comes-with-uncertainty?srnd=homepage-americas&sref=loFkkPMQ

 

Summary: Edmund Phelps, who died at the age of 92, viewed growth as necessary but not sufficient for prosperity and flourishment, and as messy and complicated. Phelps believed that innovation can come from anyone, in any field, and that it requires embracing uncertainty, tolerating failure, and accepting some inequality. The US economy's success is attributed to its ecosystem, which includes bankruptcy laws and corporate business structures that allow entrepreneurs to take risks and try again after failure.

 

 

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call--Bond yields, Fed policy and stock prices

 

The Morning Call

 

5/19/26

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/renewed-iran-headline-roulette-triggers-market-mayhem-bitcoin-battered

 

Summary: With OpEx behind us (and NVDA EPS ahead), it appears Friday's stall in the AI/Semis surge has reignited the 'oil matters' (and so do rates) cognition. The return of headline roulette left oil higher, stocks (Momo, AI, Semis) and crypto lower. The dollar declined along with bond prices (yields up modestly) with gold and silver flat on the day. An hour before the close, Trump tweeted that he has "called off a planned strike on Iran tomorrow" sparking optimism for a deal, sending oil down and stocks up.As one cynical old market trader remarked to us "sooooo stocks ramp because attacks which they had no idea about 20 minutes ago.. aren't going to happen..."

 

            Monday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            The most crowded trade on earth is cracking.

            https://www.zerohedge.com/the-market-ear/most-crowded-trade-earth-cracking

 

Summary: The problem with melt-ups fueled by leverage, short gamma and retail chasing is that the same flows that powered the vertical squeeze higher can quickly accelerate downside once momentum finally cracks.

 

Tuesday morning setup: US equity futures are lower, set for a 3rd drop in a row, as traders waited for futile signs of progress toward a peace deal in the Middle East. and as tech and small cap stocks reacted adversely to higher bond yields around the globe, but nowhere more so than in Japan, where many tenors are trading at record lows, as the wheels have fully come off the clown bus, aka the Bank of Japan. As of 7:30am ET, Nasdaq 100 futures slid 0.8% as a retreat in tech shares pulled stocks lower in the US and Asia; S&P futures were down 0.4%, putting the benchmark on course for its longest losing streak since March. In premarket trading, semis/memory names remain under pressure; GOOGL and MSFT outperformed their Mag 7 peers, with Nvidia’s earnings looming as the next major test for the AI trade. Sandisk slipped again as the selloff in memory stocks continued. Financials and Staples are two of the bright spots despite Defensives generally leading Cyclicals. South Korea’s Kospi - ground zero of the global memory momentum bubble - led losses in Asia as the momentum trade cracks (with foreign investors pulling money for a 9th straight day). Europe’s Stoxx 600 rose 0.7% as media and financial services outperformed: the continent's outperformance may be the market expressing the view that the next rotation is underway. The USD traded near session highs, reversing a modest drop earlier, which helped send 10Y yields to session highs around 4.62%. Oil reversed overnight losses to trade at session highs while. Commodities are mixed after Trump said he is delaying Iranian attacks due to GCC requests to find a deal. Today’s macro data focus is on weekly ADP and Pending Home Sales. Given bond yields, the Goldilocks zone for ADP has narrowed: too high and inflation concerns flare and too low and the narrative shifts to stagflation.

 

    Fundamental

 

 

       Headlines

 

              The Economy

 

                        US

 

                          The May housing index came in at 37 versus estimates of 35.

                          https://www.advisorperspectives.com/dshort/updates/2026/05/18/nahb-housing-market-index-builder-confidence-may-2026

 

 

                        International

 

Q1 preliminary QoQ Japanese GDP growth was 0.3% versus expectations of +0.4%; Q1 preliminary QoQ capital expenditures were up 0.3% versus +0.2%; Q1 QoQ private consumption was up 0.3% versus +0.2%; the Q1 YoY price index was +3.4% versus +3.1%; March industrial production fell 0.4% versus -0.5%.

 

The March UK unemployment rate was 5.0% versus forecasts of 4.4%; March 3 month YoY average earnings were up 4.1% versus +3.8%; Q1 QoQ labor productivity was up 0.9% versus -0.3%.

 

                          From yesterday:

 

April YoY Chinese industrial production grew 4.1% versus predictions of +5.9%; April YoY retail sales were up 0.2% versus +2.0%; April YoY fixed asset investment was down 1.6% versus +1.6%; the April unemployment rate was 5.2% versus 5.3%.

 

                        Other

 

            Iran

 

              Overnight news such as it is.

              https://www.zerohedge.com/energy/oil-slides-iran-says-us-agreed-lift-oil-sanctions-during-negotiation-period

 

            Monetary Policy

 

The argument for a dovish Fed policy. In my opinion, the major flaw in the author’s argument is inferring that the futures market pricing of inflation/rate hikes is somehow inferior to the opinions of the author’s self-appointed ‘experts’. History suggests that the forecasts of economic experts are anything but accurate,

https://www.realclearmarkets.com/articles/2026/05/18/misread_signals_the_1970s_inflation_bogeyman_isnt_back_1183084.html

 

              And why the bond market disagrees.

              https://www.apollo.com/wealth/the-daily-spark/g7-government-bond-yields-at-highest-level-since-2004

           

              As inflation heats up, the bond market is losing its cool.

              https://www.capitalspectator.com/as-inflation-heats-up-the-bond-market-loses-its-cool/

           

              John Mauldin presents both sides of the argument.

              https://www.advisorperspectives.com/commentaries/2026/05/18/shootout-inflation-corral

 

            Inflation

 

              It is not just about higher oil prices.

              https://wolfstreet.com/2026/05/18/food-inflation-in-america-by-product-it-boils-down-to-a-sharp-re-acceleration-on-top-of-already-very-high-prices/

                                                 

 

            China

 

              Chinese espionage steals $600 billion annually from US.

              https://www.foxnews.com/opinion/chinese-espionage-steals-600-billion-us-firms-yearly-time-government-act

 

     Investing

 

            The stock market winning streak is about to be tested.

            https://www.nytimes.com/2026/05/15/business/stocks-bonds-interest-rates-inflation.html

 

            What is driving the stock market boom (bubble)?

            https://bonddad.blogspot.com/2026/05/whats-driving-stock-market-boom-or.html

 

            Unsustainable things rarely sustain.

            https://www.downtownjoshbrown.com/p/unsustainable-things-rarely-sustain

 

            Lance Roberts tries to walk a tight rope.       

            https://www.advisorperspectives.com/commentaries/2026/05/18/stagflation-narrative-what-doomers-wrong-part

 

            Four abilities every investor needs.

            https://awealthofcommonsense.com/2026/05/the-4-abilities-every-investors-needs-to-be-successful/

 

                Don’t be somebody else’s exit liquidity.

            https://trendlabs.com/exit-liquidity/

 

                Inflation uptick sending sell signals to stockholders.

            https://www.bloomberg.com/news/articles/2026-05-18/inflation-uptick-is-starting-to-send-sell-signals-to-stock-bulls?srnd=homepage-americas&sref=loFkkPMQ

 

Summary: Wall Street strategists are warning that the honeymoon period for stocks is over and a harsh macro-economic reality threatens this year's rally. Investors' focus is flipping back to challenges including oil prices above $100 a barrel and hot consumer- and producer-price readings that have traders pricing in potential interest rate hikes. Strategists see macro developments having a greater influence on the market's direction in the coming months, with some warning of a significant pullback in equities and a "post-earnings hangover".

 

                        With inflation uptick comes higher bond yields which impact the momentum trade.

            https://sherwood.news/markets/how-surging-bond-yields-threaten-to-derail-the-momentum-trade-in-stocks/

 

            Global bond yields at highs based on inflationary fears.

https://www.bloomberg.com/news/articles/2026-05-17/japan-10-year-yield-jumps-on-global-inflation-angst-as-oil-rises?srnd=homepage-americas&sref=loFkkPMQ

 

Summary: Global bond yields hovered near multiyear highs as rising energy prices stoked inflation concerns. Yields on 30-year US bonds have risen above 5% and the rate on similar-maturity German debt was the loftiest in 15 years. Japanese government bonds notched the biggest losses, with the 30-year yield surging to its highest since the maturity was first sold in 1999.

 

                Broadline retail is growing while household durables are lagging.

                        https://talkmarkets.com/article/q1-2026-us-retail-preview-broadline-retail-powers-earnings-growth-as-household-durables-weaken-1779132206

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.