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An Uneventful Week For Markets

Coming off of last week’s big rally, the present week looked like a long shot to offer any exciting developments. Now in the rearview, the lack of excitement is clear, even if there were a few moments where it looked like something else might be happening.  The first “moment” was Monday morning’s correction of Friday’s big post-NFP rally.  Support was found immediately after Friday’s rally was erased.  From there, the next moment was the entirety of Tue/Wed which saw yields gently descend until Friday’s rally was retraced.  The last moment was Thursday’s 30yr bond auction which caused yields to jump back up toward the top of Friday’s range.  Friday is turning out to be a superfluous extension of Thursday that isn’t offering any new developments. What we’re left with is not merely the proverbial “inside day” (a day with lower highs and higher lows versus the previous day), but an entire “inside week.”  Inside weeks are rare, but their significance is debatable.  The only thing we can conclude with certainty is that last week was volatile and directional while this week has been a consolidation without big market movers.

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