ManyPeaks.com

My market call yesterday certainly didn’t play out as I’d expected. We were down .3%, which isn’t much fun but far outperformed the indexes.

The rationale for today’s brutal giveback was even reported accurately by many in the mainstream financial media for once. Interest rates ticked up pretty big — from 4.81 to 4.87 on the Ten Year Treasury yield — and broke out to their highest in months. I’ll post the chart mid-day tomorrow.

My longer term thesis for some time has been that substantially higher interest rates in the next few years represent our biggest potential economic & stock market boogeyman. It may not happen, but the chart is shaping up that way.

I should probably lay off the predictions here in the initial post for ManyPeaks.com’s “Mea Cupla” category. It should be an interesting batch of posts to look back on later this year!