None Shall Pass
June 23, 2025
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King Arthur: Now, stand aside, worthy adversary.
Black Knight: Tis but a scratch
King Arthur: “A scratch?” Your arm’s off.
Black Knight: No it isn’t
King Arthur: Well, what’s that then?
Black Knight: I’ve ‘ad worse.
–Dramatic escalation in the mideast has oil slightly higher, ditto for stocks. Bonds a few ticks lower. CLQ5 hit a high of $78.40 Sunday night, up 4.56, but it has stair-stepped lower from there and is now around $74, from Friday’s settle of 73.84. Similarly, ESU was -59 at the low at 5959, but is now marginally higher on the day. Business as usual.
–It’s somewhat amazing that almost no market is showing a net change from Friday greater than 50 bps. Except platinum. That’s up over 2% to 1291, with gold down a few bucks.
–Today’s news includes S&P Mfg PMI expected 51 from 52. Composite expected slightly lower than last, at 52.1. Existing Home Sales 3.95m vs 4.00 last. The lowest number since 2011 has been 3.90m, last year in September. Mortgage rates are key.
