– Risk assets climbed while Treasury prices declined. US Equities are outperforming US Treasuries ytd for the first time since late February.
– All sectors advanced last week, with the exception of Utilities, which fell as Treasury yields moved higher.
– Prices for long duration Treasuries fell nearly 3% last week, and our bond momentum gauge is likely to close out the month with an official sell signal.
– Lumber prices continued their streak, advancing another 10% and have climbed over 125% year to date as a result of Covid related supply disruptions.

– It was another mixed week. US equities, Treasuries, and commodities moved higher, while Real Estate and International Equities declined.
– In another reversal, Tech & Momentum rally, while Energy, Financials & Value drop. For several wks, mkt action has been a widening or narrowing of this gap.-
– US Treasury prices bounced back last week after spooking investors the week prior. Yields made a lower high relative to a similar spike in early June.
– Lumber shortages continue to put upward pressure on prices. Lumber prices were up another 14% last week and have doubled in 2020.