Momentum in energy and no bid for bonds.

Key Points:

• We continue to be patient on equity exposure. Watch rates rise, particularly the 10yr over 4.5%

• Energy & commodities have been leading this market, along with short bonds.

• The current environment remains favorable for pair traders.

• Regional banks are showing weakness.

• High beta is under performing as rates rise quickly

• Semiconductors (Semis) need …