Good morning contrarians! Stocks and bonds are advancing this morning, indicating a possible relief rally (or dead cat bounce?) Cryptos not going along for the ride as Bitcoin is down 4% this morning.

ISM Non-Manufacturing out this morning and Fed speakers this afternoon.

The drop in bond yields is certainly encouraging. It’s good to see bonds and stocks lining up again, though not sure what the crypto sell-off is about. Maybe just cryptos being cryptos. You know, a stable form of currency exchange that fluctuates by 4% versus the US dollar for no apparent reason.

There is a bit of a sense that a lot of the fear has left the building. That could be complacency or it could be setting us up for a relief rally. Over the medium term it’s hard to see how any of this stuff is bullish for risk assets, but that’s just one person’s (probably wrong) opinion. Do your own research. Make your own decisions.

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