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Intuit Indicates Health of Markets and Economy

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For now, the payroll and tax software company is a positive sign.

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Summary of Yesterday's Notable Technical Developments

Bonds
rallied nicely in response to better-than-expected demand for the 30-year US Treasury auction at 1 p.m. (see chart below). The benchmark 10-year Treasury gave back some of its gains by the end of the session to yield 3.73%.

Stocks continued to levitate as a tepid rally saw major averages finish higher by 0.25% - 0.35%. Of note was the light NYSE volume and weak breadth (see market internals below). The S&P is now sitting just above the key monthly closing resistance at 1146.

Commodities opened higher, but then finished lower Thursday as the energy complex weighed on the asset class throughout the afternoon. The DBC lost 0.50% and hasn't benefited in the last several days from multiple attempts to take the dollar index below important support. This is a notable change in attitude.

The US Dollar Index rallied early yesterday only to be pressured lower as short-term interest rates also fell following the Treasury auction. The DXY closed right at support of 76.73. A dollar rally ensued overnight and continues early this morning. Of note is the weakness in the euro/yen cross, down more than 1% (a major move in currencies!) as of 7:30 a.m. EST. Euro/yen was highlighted in yesterday's report and is an important gauge of risk appetite.

10-Year and 30-Year Treasury Yields (one-minute chart):

Click to enlarge


This morning: Asian markets were mixed with Japan again higher, Hong Kong lower, and Australia and Singapore nearly unchanged. European bourses are flat to down, with Germany's DAX the big loser, off by more than 0.80%. Oil and gold are trading lower by more than 0.50% as the dollar rallies and the DXY is up more than 0.50% from yesterday's close.

Market Internals: NYSE

(Figures are rounded)
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No positions in stocks mentioned.

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