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The only market summary you need.
Be patient for US equity exposure
We are still in the camp of higher rates for longer (short bonds).
Energy is catching up with technology & the higher move in rates
China is looking great
WTI & commodities are strong.
The treasury is issuing about $70 billion net at 5.5% a week. You can basically sit in cash at 5.5% or you go to the long end of the curve and get 4% with VERY HIGH DURATION RISK. If you carry at 5.5% and buy some equities with upside you will be OK. - Rick Reider summary
Tech is starting weaken vs energy.
Look at energy starting to catch up. Watch 10year yield explode higher to 5%.
You witness diversification when you need it gone, all you do is lessen your returns in risk-on environments. “We found that bonds diversify stocks when stocks sell off, but stocks do not diversify bonds when bonds sell off.” -Beyond Diversification, Sebastian Page
BOJ may be forced to finally begin reversing its ultra-loose monetary policy. Look at the move in their 10 year!
Overbought assets below.
COUPANG! Still holding strong and climbing.
Apple: The Canary in the coalmine. Huge move lower.
Return always wants its risk payment. NOT INVESTMENT ADVICE.
Enjoy the alpha.