The Rising Din of ‘Recovery’ Hubris

Two charts suggest that delusions of economic recovery will be sharply on the upswing Friday, celebrated on Wall Street with a preternaturally strong rally in stocks and a correspondingly merciless thwacking of T-Bond prices. We’ve been using a 2037.50 rally target for the E-Mini S&Ps, but check out the chart accompanying today’s tout if you want to see how much higher the futures could go if that Hidden Pivot fails to contain the rampage. There could be opportunity in this, however, since Rick’s Picks has been looking to “buy the dips” in TLT, an equity-based vehicle that tracks price movement in T-Bonds.