Macro Morning (King is not dead)

By Chris Becker

The overcrowded long USD trade reversed overnight as US factory orders for December surprised on the downside, crude continued its expected rebound rally and risk markets joined in the fun. Yields rose across the board in 10 year bonds, except Greece where they fell another 1.3% to be below 10% for the first time in ages as confidence mounts in a solution.

The S&P500 rose 1.44% as energy stocks surged but as the daily chart shows, still remains in a distributive funk and needs to clear the weekly high before ringing the bell again. This is, however, a nice entry point to BTFD: