A very ugly reversal for stonks today.
Media pundits scrambled to figure out why the Dow didn't have a record 14th up day in a row.
Probability .00001%.
When it's going to happen it happens, and media bystanders attach a headline, to seem intelligent. pic.twitter.com/QVQqpuOsgN
— Mac10 (@SuburbanDrone) July 27, 2023
Another significant selloff in Treasuries today, which are now on the verge of a breakdown from support.
The chart below is a reminder of the unsustainable divergence between rising yields and the historically inflated valuations of today’s equity markets.
In my view, Today’s… pic.twitter.com/l3JB9Z9GQW
— Otavio (Tavi) Costa (@TaviCosta) July 27, 2023
Right on schedule 🍿 t.co/oxTrdE0Fo6 pic.twitter.com/qyH8Cti4jx
— Financelot (@FinanceLancelot) July 27, 2023
"Wait, did you say markets can go down?" pic.twitter.com/UVm7WmRKjP
— Mac10 (@SuburbanDrone) July 27, 2023
Commercial real estate and its underlying debt is the biggest problem with the least attention. pic.twitter.com/ViFr7UtuXk
— The Kobeissi Letter (@KobeissiLetter) July 27, 2023