No beef

The equity market rebounded yesterday and it may continue today, after positive comments from the Treasury secretary about the negotiations with China, and a much softer tone on comments from President a Trump to the Fed Chairman, Jerome Powell. The volatility we’re experiencing is not a surprise as this administration uses langauge to move markets, but it’s truly remarkable how investors react to words with no real substance behind them. The bottom line is, the dollar continues to weaken, with minor rebounds like yesterday along the way, and the Treasury bond market is now positively correlated to the equity market, particularly on days with big moves, which is not normal. Gold has taken a breather after an unstoppable couple of weeks and Bitcoin is almost 12% up over the last week. We need to test the lows of April 8th lows to see if we can rebound or continue towards a bear market.

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