Not a positive reaction from Treasuries today.

In another observation, on the day when the S&P might break through the 20 day moving average, thus adding further confirmation that the latest rally is done for now, the 10-yr yield doesn’t budge, in fact it rises, when it should be going back down as the risk-averse trade comes back. This signals to me that yields could be positioning themselves for a spike over the next year. If we continue to have this performance from the SPX and 10-yr, beware and find some gold to hang on to.

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