The S&P 500 paired its daily decline to just 8 points or 0.2% after falling more than 83 points at the low.
I have repeatedly pointed out how quarter-end flows skew signals. Yields fell sharply yesterday and today with the 10yr now below 3%. This is positive for equities and this is confirmed by lower expectations for Fed hikes in the fed funds market and 5yr breakevens (5yr to 5yr are down 2.1%) .
Finally, I think the price action in the oil market is helping with the $3 drop in crude today and the sharp decline in the cracks in gasoline.
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