Oil decline could be beneficial to Cruise-liners and Airlines

Stocks should be bottoming as June gets underway.   US Treasury yields and the US Dollar both should be on the verge of turning down more sharply in the days/weeks ahead which might coincide with less inflationary economic data over the next couple weeks.  (May proved to be the best month for Treasuries all year.)  Overall, bullish June seasonality in Election years combined with a cyclical bottom following lack of material technical deterioration spells opportunity for US Equities in the month of June.

Tuesday’s JOLTS data proved to be another catalyst which has coincided with weakness in Treasury yields and the US Dollar, and conversely, strength in the stock market.  Tuesday’s print of 8.059 million(mm) jobs missed expectations of 8.350 mm Jobs expected, marking the lowest level of jobs since February 2021.

2, 5, 10 and 30-year yields pulled back sharply to levels right near May lows, which is the technical support barrier which when violated, should result in a much sharper broad-based rally.

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