There’s news this morning that Houthi fighters have captured a key port city in Yemen, tightening their grip on Saudi Arabia’s alternate outlet for oil exports.
There’s news this morning that Houthi fighters have captured a key port city in Yemen, tightening their grip on Saudi Arabia’s alternate outlet for oil exports. WTI has spiked past $100/barrel. More importantly, the 10-year yield has risen to 4.92%. Futures are broadly lower. Though PPI and initial jobless claims were largely in-line this morning, all anyone seems to hear is the sound of the other shoe dropping.
Look out for risk-off sentiment today and possibly for days to come. Bear in mind though, that the selling builds opportunity in quality names that get swept up in the momentum. Meanwhile, we’ve highlighted some technical breakdowns that may allow agile traders to engage some of this downside momentum.
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