Yesterday brought a field of green but today is a sea of red. What happened? The relentless march higher in bond yields and the POSX is finally taking a toll today.
And it is what it is. We've had great success in continuing with the PM rally, despite the surge in rates and POSX. But today just feels like a bridge too far. The selling in the PMs began last evening, as soon as the Globex reopened at 5:00 pm CT on the chart below....
