Courtesy of Tyler Durden
No longer in the twilight zone, the market is now democratic beyond reproach: of the idiots, for the idiots, by the idiots. The 10 Year is at 2.81% and refuses to budge as stocks explode. The catalyst – consumer credit, which came in slightly better than the expected trouncing even as the key source is revealed to be… entirely the Federal Government! In other words, forget Kremlin Joe: central planning works. Oh, and the Double DIP-ression is once again fully priced in.
Note the 10 year-ES divergence. At this point this is a given.
And below is the main change in consumer credit holders in Q2. The main one has been highlighted. (source: the Cave Of Ali Bernbaba and the 40 Wall Street Thieves)