When bonds sell off, equities rarely digest it well. If we start getting sustained bond market volatility again, then all else equal you see risk off behavior...

But the real danger isn’t Nvidia crashing. It’s the zombie laggards suddenly waking up and ripping the short leg straight through hedge fund books.

"Any responsible local politician could provide her with enough examples from their own city to prove the opposite," a former SPD member chimed in

US President Trump said it's just a question of time regarding Iran, but added that he is not going to be much more patient with Iran.

The melt-up can probably survive higher yields. Aggressively accelerating rates volatility is a different story.

One of the most aggressive AI melt-ups globally just hit its first real air pocket. Spot-up, vol-up works great…until everybody suddenly realizes they are naked to the downside.

"With a background of bond markets looking unsettled, with the problem of inflation, with the Strait of Hormuz not having a solution out of that Summit, I think there definitely…

...markets will naturally begin thinking about whether a future leadership transition could imply a different mix of fiscal priorities, spending plans and taxation...

“They need the Strait more than we need it open, we don’t, we don’t need it at all,”

When bonds sell off, equities rarely digest it well. If we start getting sustained bond market volatility again, then all else equal you see risk off behavior...