Hi YXI friends,
The market seems to have sunk into a yo-yo, except that the downswings feel much faster and more painful.
The footprint of the current “risk off” regime suggests more of a funding issue, as 1) TGA rose in the second half of last week, and 2) Japan’s long-end yields skyrocketed in the past few days.
There isn’t a sign of credit appetite worsening, which typically would precede real crashes. This means I remain cautiously bullish on risk assets (stocks and crypto) unless I see real trouble in credit spreads or volatility.
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