An observer might not think that today is a down day, given the leadership on the Nasdaq gainers board (FRT link). Also in the news has been a couple of sharp down days in the Chinese stock market, and weakness in bonds. The latter seems more of an immediate concern for U. S. stock traders. Weakness in bonds also correlates with higher mortgage rates. Housing stocks have come off their lows, however, a significant bump up in mortgage rates will quickly derail any positives.
Positions: long TXN, JWN both hedged positions
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