Macro Movement

We thought just for an instant
We could see the future
We thought for once we knew
What really was important
--Til Tuesday

Big rally in long bonds. Ten year yields have broken below 3% and are flirting with the 200 day moving avg.

Might be a sign that investors think the Fed will indeed reverse interest rate policy sooner rather than later. Or perhaps it's a 'flight to quality' as investors seek to reduce risk and pile into Treasuries.

With gold showing signs of life as well, 'macro' indicators beyond stocks are beginning to stir. Precisely why remains to be seen.

position in gold