• The S&P 500 traded in an incredibly tight range yesterday.  We don’t expect that to last for long.  Bond yields are testing a key resistance level, so their next big move could/should have a compelling impact on the stock market.
  • The next big move in the bond market should also have an important impact on the economically sensitive home building stocks.  They have been trading in a sideways range for almost two months now.  Whichever way it breaks out of this range should tell us a lot about the economy and the broad stock market going forward.
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