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Market Recon: The Banks Trade Will Become a Yield Curve Watch

On this date in 1775, the shot heard around the world was fired at Lexington, Massachusetts. Outnumbered militiamen then fell back to Concord, where they were joined by reinforcements numbering an approximate 400 men who then turned the tables on about 100 British regulars who had been in pursuit. The British survivors fell back to join their main force of about 1700 troops, and then retreated to the garrison at Boston, being harassed by Massachusetts militia throughout the day. The rest, as they say, is history.

Seven Weeks Later ...

We've seen a mild unwind of some recent market trends throughout the dark hours this morning. Although nothing has moved that dramatically, the U.S. dollar has firmed against the pound, the euro and the yen. U.S. 10-year paper again yields more than 2.2%, and there does seem to be some early profit-taking in the gold space that would pair up nicely with that dollar support. Still, that dollar, and those yields remain in far different trading ranges than they were, even a week ago.

That brings us to Wall Street's re-positioning of itself toward a bearish stance on the U.S. currency. Just yesterday...