Good Friday AM,

Bonds are terrible yet again this morning. There is no new reason for the selling, but the existing reason which is fear of the Fed and fear of inflation seems to be enough to keep increasing the yield on the ten-year on almost a daily basis. I track sentiment and the bond sentiment is below the line, meaning the disdain for bonds cannot get much worse. This is a contrarian indicator and it suggests that we should see a turnaround in the coming days. I would not count on too much of a bounce and I would lock into the bounce when it does happen. Next week is a very big news week with CPI coming. Maybe we get lucky and see some moderation in inflation or we could be in for more pain with rates. Stay locked.

Please remain safe and healthy, enjoy the weekend and first, make today great.