Good Monday PM,

Late start for sure.  

Let’s not get too excited, but bonds yields are down today. The ten-year had fallen to 2.79 after testing 1.95, but has propped back to 2.83% once the headline hit that Elon Musk is buying Twitter. Mortgage bonds are much improved but off their best levels of the day since that news broke. Equities, which were down big, have turned around. I wish I could say this move is the beginning of something bigger, but I cannot. The news this week is of the highest possible importance. We get the first look at Q1 GDP, and we will see the latest PCE numbers. PCE is what the FED is watching closely to gauge their next move on interest rates. When things are this bearish, the market has the tendency to take good news and make it bad. This puts us in a lose-lose situation. That said, there are many signs of the bear market growing tired, and perhaps this week, we will see improvements. Play defense until the trend confirms it has changed.

Please remain safe and healthy, make today great.