Our Bull Market Depends on THIS

What's really moving the markets [Total Wealth] BROUGHT TO YOU BY MANWARD PRESS Our Bull Market Depends on THIS SPONSORED [Have You Heard the Secret? The Dark Ticker]( [Bryan - Dark Ticker]( Exclusive After-Hours Symbol [Real Overnight Gains of 51%... 73%... 100%... Even 165%!]( [Shah Gilani] Shah Gilani Chief Investment Strategist Think you know what sparked the market rally that kicked off on November 1? Good news on inflation? The promise of rate cuts? No... it was an often-overlooked announcement that came ahead of the Federal Reserve's statement that day. (Which, as you know, has become a [must-see event]( for Wall Street.) It was the latest quarterly refunding announcement, or QRA. And it's just as important as Fed rate decisions. SPONSORED [If You KNEW One Ticker Would Go Up the Next Day... How Much Could You Make?]( [Businessman - Crystal ball]( Ten years' worth of data proves that [when THIS triggers](... one strange "Dark Ticker" surges... 88% of the time! [Turn This Market Advantage Into OVERNIGHT Gains as High as 197%...]( QRA is a two-part announcement from the Treasury Department. The first part is usually announced on a Monday afternoon, a month into a new calendar quarter. It tells us how much the Treasury needs to raise to finance the government's current calendar quarter. The second part, delivered two days later, at 8:30 a.m, tells us what mix of bills, notes and bonds will be auctioned. Before the QRA, bond yields rose from mid-July's 3.75% yield on the benchmark 10-year Treasury note to just below 5% as bond investors fretted the Fed's "higher for longer" policy stance. As bond yields spiked, the S&P 500 dropped almost 11% from its July 27 high of 4,607 to the October 27 low of 4,103. Then came the QRA. On Monday October 30, the Treasury announced estimated financing needs for the fourth quarter would be $776 billion, $76 billion less than expected. Bonds and stocks took notice. Then Wednesday morning (November 1), the Treasury announced the mix of bills, notes and bonds to be auctioned would contain more short-term bills and a lot fewer bonds. That set the rally into motion. Buy, Buy, Buy First, the bond market rallied. Bond traders were encouraged by the government's smaller than expected financing needs, and, more importantly, that there would be fewer coupon bonds to buy. They immediately began buying longer-dated notes and bonds in the open market, long before the upcoming auction. Then, equity traders and investors, seeing bonds rally, started buying beaten-up shares of their favorite mega-cap tech stocks. By the close of trading on November 1, the yield on the 10-year Treasury note had fallen from 4.88% on October 27 to 4.77%. The S&P 500 was up 2.5% from Friday's close. And we were off to the races. Bond yields continued to decline and stocks made new all-time highs. That's how important QRAs are. And we're seeing similar moves now. SPONSORED [Set Your Alarm for 4:01 P.M.]( [4:01]( When the closing bell rings... most traders end their day... But ONE group makes [one simple trade AFTER 4 p.m...]( For a chance at overnight gains as high as 197%. (One just locked in a 165% win!) [Discover the Secret for Yourself]( The yield on the 10-year Treasury was 4.15% on Friday, January 26. On Monday, the Treasury's QRA revealed their Q1 2024 financing needs would be $760 billion. That was $56 billion less than the $816 billion expected. The yield dropped to 4.08% that day. When part two of the QRA was announced on Wednesday, January 31, it didn't disappoint investors. Bonds rallied and the 10-year Treasury ended the day at 3.99%. Some analysts have said that these QRAs are just as important as what the Fed says. Maybe... But I'm betting they will be more important now. We're in an election year. Debts and deficits matter... and those in charge want to paint our financial situation in the best possible light. Expect to hear more about quarterly refund announcements this year... and we'll be ready to take action when they come. Cheers, Shah Shah Gilani Shah Gilani is the Chief Investment Strategist of Manward Press. Shah is a sought-after market commentator... a former hedge fund manager... and a veteran of the Chicago Board Options Exchange. He ran the futures and options division at the largest retail bank in Britain... and called the implosion of U.S. financial markets (AND the mega bull run that followed). Now at the helm of Manward, Shah is focused tightly on one goal: to do his part to make subscribers wealthier, happier and freer. You are receiving this email because you subscribed to Total Wealth. To unsubscribe from Total Wealth, [click here](. Need help with your account? [Click here](. Have a question or comment for the editor? [Click here](mailto:mailbag@manwardpress.com). Please do not reply to this email as it goes to an unmonitored inbox. 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