Daily Note | August 21, 2024 | CEFs And QJUN, FMY Cuts.

Markets are up small at the open following the first down day in 8 yesterday. Today we get the Fed minutes and some consumer/retail earnings. Bond yields are down slightly and small caps are outperforming.

Yesterday, the market failed to hold the 5,600 level as the market clearly traded defensively with lower interest rates and weaker risk-on areas of th…