Their highest levels over the past year. Scarlet mark had a lastminute first. About 1. 9 . No clear reason on why it got this pop at the end of trading but we will continue to look into it. Lets look at what our reporters are monitoring. Abigail i was watching those record highs and the very small gains. The reason we are doing it again today is to see how it is working. Seriesed we would see a of alltime highs back in october. The rally this year and then in the spring and summer, a battle between the bulls and the bears making it more constructive. Buyers were the getting more conviction, more confidence. Old we are above those record highs. , the rfi, a slight lower high. The rsi go8, we saw as high as 86. If it rise to above 74, it would support what this chart suggests. Also seeing small moves higher today are small caps. The russell 2000 at one point point half a percentage but we did see it trickle lower through the day. For smallweek high caps. This comes after a day like yeste
Closing a. 3 . Up three point. 3 . A leading index doing that sort of reversal. Its not the close some traders want to see. The russell 2000 has been unable to get out of its own way. A micro version of that today. The last tie was up a year ago. Its around the 200 day moving average. It is starting to rise. Russell 2000he cannot get above 16 1600. Now it is back below it. The rsi is caught in range. We could continue to see consolidations of the recent gains. Keep an eye on it. It has not been able to put in an alltime high like the other major averages. Taylor from the equity markets into my world of the bond markets, i wanted to look at treasuries. Yields rising today. Year. T the 10 big moves, to 190. This chart is the fiveday move. Get3 basis point move to 2019 has brought in fiveday swings in both directions. It is translating into a bayer steepener bear steepener. It is now the steepest going back to march of this year. Thats why you are seeing some today, risk on rally partly f
Around the world, from riyadh to london to new york and washington. Bloomberg voices are on the ground with all of the mornings top stories. We want to start with breaking news out of london, where the labour party says it will support a general election. Boris johnson will try for the fourth time to secure election. Joining us now is emma chandra from london. What just happened . What is the lineup today . Emma we are seeing the pound off aftergher, paring spiking higher today. Saying they will now back in early general election, saying that conditions that a new deal brexit be off the table have been met. S is key because ivan the because even though the Prime Minister is asking for a general election again today, one that requires a smaller majority than yesterday, hed still needs some opposition support for that bill to pass. We understand there will be a vote on that later today. It would set the date of a new general election. The government saying that would be to summer 12th, b
The outperformance versus small caps. More than 1 on the day. You have the russell 2000 above its 100 day moving average. That 1600 level, very important. What really stands out, the russell 2000, at about levels seen this time last year during all that volatility. The rising rsi and bullish momentum is suggesting we could see the russell 2000 in the near term climb again to that 1600 level. Should that happen, we will see whether the resistance can be broken through. I am looking at the yield curve. The threemonth 10 year is steepening. It is positive for a fifth straight session. You can see how it folds into the banks. There is commentary that says profitability they can be profitable in a flat or inverted yield curve. It does not cause a recession because it discourages bank lending. Instead, Interest Rates versus the shape of the yield curve is what matters to lenders. We can see big gains from the big financials. Morgan stanley leading the gains of 1. 5 . Up ing revenue is going
Week, the bullish sentiment reading, the Retail Investment strategy. Many think, when they get super bullish, they will go in the right direction. Aiis going south in 2016, same in 2017. Last year, pretty correlated. Right now, pretty divergent. The bullish sentiment reading at a three year low. Some would say this is a bullish sign for stocks for the rest of the fourth quarter. Metal ive got the palladium on the mind. Offing a high today writing safe haven demand. China wants more talks before president xi agrees to sign phase one of trade deal. Worries about the tightening supply of the metal are still in play. The middle has gained more than 35 year to date. Incline since a steep drop that happens in june. Taylor we know that the treasury markets are closed today but one way we will be able to look at treasury yields is to look at the futures market. It is showing us that yields still are falling a little bit. We are down to about a 161 on the 10 year. Know it has been steepening a