Something practically impossible happened on Tuesday. It rained in Los Angeles in June. Not a lot…less than a tenth of an inch. But it was enough for us to discover we had a hole in the bottom of our shoe as we crossed John Fante Square.
Yet that wasn’t the only thing practically impossible to happen on Tuesday. Bond and gold markets simultaneously projected inflation and deflation. Yields on the 10-year Treasury note jumped to 2.41 percent, anticipating inflation. Yet gold dropped 0.19 percent to 1,175 per ounce, anticipating deflation.
On Wednesday, things were still a little discombobulated. Ten year Treasury yields eclipsed 2.47 percent, while gold held steady. Then, yesterday, yields on the 10-year Treasury note pulled back to 2.38 percent. Gold held at about $1,182 an ounce. Crude oil bounced around $60 a barrel.
The stock market continues to yo-yo up and down. The DOW has gone up and down, and down and up, all year. But it has nothing to show for its troubles. It’s currently about where it was when the year started. Continue reading







