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Momo Crowd Buying Stocks On Bad News From Jolts And ADP

Benzinga ·  Jun 5 23:54

To gain an edge, this is what you need to know today.

Buying On Bad News

Please click here for an enlarged chart ofiShares 20+ Year Treasury Bond ETF(NASDAQ:TLT).

Note the following:

  • The chart shows that bonds have rapidly moved up after consolidating in the mini support zone.
  • The chart shows that bonds are now in the resistance zone.
  • Higher bonds mean lower yields. For the time being, investors are buying stocks on lower yields. Yields have rapidly dropped on softer economic data.
    • JOLTS report came at 8.059M vs. 8.34M consensus.
    • Factory orders came at 0.7% vs. 0.6% consensus.
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