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Tuesday, April 15, 2008

treasuries fall inflation increases oil going up

Treasuries fell a second straight day as wholesale prices rose at almost double the pace forecast and New York manufacturing unexpectedly grew, fanning concern that inflation will quicken. Demand increased for inflation-linked Treasuries after the reports as investors sought protection from the risk that six Federal Reserve interest-rate cuts since September will fuel economic growth. Crude oil set a record high today. The price report is a wake-up call that's there is still inflation pressure.

Crude oil climbed above $113 a barrel, the highest since futures began trading in 1983, on supply disruptions in Nigeria and Mexico.

Inflation expectations increased a fourth straight day, Treasury yields indicate. Given what inflation is doing, it makes it more difficult for the Fed'' to lower rates or increase cash in the banking system.

SP 500 daily April 15


If we consolidate then retrace to 50-60 and put in a lower high, we could see our next swing low come.

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