The 10 year treasury yield (TNX) has ticked up to 2.72% following the implications of the Brexit defeat. Mortgage applications surged 13.5% last week thanks to the recent relief in interest rates as some buyers return to the market after painfully slow holiday inaction. Refinances primarily drove the welcomed result with a 19% increase in new applications.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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