Investors are scrambling for fixed income this morning after some truly bad economic data in Europe.  10-year bunds are back to negative yields and the US Treasury yield curve (10y vs 3m) is just 2 basis points (bps) from inversion.  As you might expect, equity futures aren’t taking too kindly to the moves in fixed income and are looking to close out the week on a down note.

Please click the link below to read today’s Bespoke Morning Lineup.

Bespoke Morning Lineup – 3/22/19
 
As noted in our Closer report last night, one of the defining characteristics of the rally off the Christmas Eve lows for the stock market was the trend of strong buying in the last hour of trading and right into the closing bell (light blue line), which is generally considered a positive market signal.  That strength stood in stark contrast to the period from 9/21 through 12/24, where the S&P 500 typically sold off towards the close (red line).  Over the last two weeks, late day buying power has started to weaken (dark blue line).  Up to this point, we haven’t seen it turn outright negative, but it has shifted to a more neutral trend and something that bears watching in the weeks ahead.