Yesterday my opinion was that markets were going to grind higher. I saw no upside in selling indices when investors were piling into big cap tech.

CRM & Paanlatir helped propel the indices into today. These two exemplify the Trump trade with November 5th blast offs and a near doubling in value.

FX …Yen crosses have been the feature for the past couple of weeks and have been in the in-depth focus of room discussions.

Yen crosses and specifically EUR/YEN, close to unchanged on the year, matching a big level in Yen provided the bounce.

I’m focused on our long bond and how it responds to 118.08 to determine whether this is just a mid-week shuffle or qq bigger extreme.

Indices will be a back and fill gap game.