It’s bombs away today on Comex as rates and POSX move higher. Could word of Jerry’s Jhole speech been leaked? Maybe. We’ll never know. But a 50¢ rally in the POSX has wrought all sorts of price damage in the first two hours of Comex trading today.
And there’s no news driving the rally in POSX and selloff in bonds. But late yesterday, after the FOMC minutes, CDG peaked near $2559 and it has been downhill ever since. The only scheduled news today was the latest jobless claims numbers (higher than expected) and the S&P flash PMIs for August (mixed with manufacturing worse than...
