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Existing Home Sales month over month will be released Thursday at 10 a.m. EDT.
Morgan Stanley (NYSE: MS) believes the readers of its report should short 10-year U.S. Treasuries and long the S&P 500. The bank uses a proprietary Real-Time Tracker to predict what Existing Home Sales will be. The RTT estimate is for +2.6 percent or 5.17 million versus consensus expectations of -0.4 percent or 5.02 million.
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The reasoning for the firm's trade view:
"In the event of a data surprise (of 2% or more), our tick data analysis (5-year history) suggests a 29-bp average price reaction for the S&P 500 and an 8-bp average price reaction (or 1-bp average yield reaction) in 10-year US Treasuries".
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.