Lookout Below! The Dream Is Ending

Our Tuesday discussion about the cracking sounds emanating from the global bond bubble turned out to be timely. In fact, yesterday's action in the casino provided further hints about the great unwind ahead. That's because the stock market sell-off did not confirm to the phony risk on/risk off dynamic that has prevailed since the financial crisis. That is, there was no robo-trader rotation into the bond market, even as the stock market was on "offer" most of the day.
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