China moved to ease credit again last night. And there was little to no upside in world indices.

European rates rose just after London came in keeping the Dollar firm against the metals.

The mid part of the U.S. curve is starting to rise after languishing on the spreads for a few days.

Sentiment in news articles over the weekend were lamenting the FED being over zealous with the 50 BPS cut.

Markets don’t like uncertainty and it’s my belief that many overseas investors have been reflecting their concern in the FX-metals spreads.

One can have a fundamental view of deficits or any other macro reasoning, but when the lemmings form up and start to run, price rules and the reasoning is secondary.