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Rocket Man, the Donald, and the Worm

06-12-2018

In the wake of the Trump-Kim (and Dennis Rodman?) summit, the markets had a bit of a feelgood glow, but none of them really moved on the headlines that were generated. What this ultimately leads to is anyone's guess, but to the extent that markets discount anything anymore (which I tend to doubt), it doesn't feel like it means much.

Bank Shots Thus, our attention now turns to tomorrow's FOMC meeting and the ECB and Bank of Japan meetings later in the week, although out of the three probably the only one that has a chance to create a bit of a surprise would be if the ECB moves away from QE. That wouldn't be a complete shock though, as many people have talked about it, but I don't know that the markets are necessarily set up for that outcome. And of course there is always the possibility that the FOMC will be a "catalyst" for markets to do whatever they were inclined to do anyway.

As for today's action, there wasn't a whole heck of a lot. The Nasdaq and S&P had small gains through midday while the Dow sported an equally small loss (however, beneath the surface there were a lot of high-profile short squeezes). In the afternoon, not much happened ex the fact that the Nasdaq gained around 0.5%.

Away from stocks, green paper was a bit stronger, oil and fixed income were flattish, while the metals were fractionally lower.