Good Monday A.M.,

Friday saw the bond market sell-off as stocks surged on some whispers of another Covid vaccine making its way through testing. That the number of cases continue to hit new records daily doesn’t seem to matter much. Today is much the same. Bonds are on sale and stocks are improving (Dow +500). The 10-yr is at .64% which is absolutely fantastic, all be it a bit higher than the .58% we hit last Thursday. There is no scheduled news today (or tomorrow), which puts us more at the mercy of the stock market. Not that economic news moves the needle these days, but it can at least be a dose of cold water to the face. Q2 Corporate earnings get underway this week and with virtually all companies deciding not to issue forward guidance, traders are flying blind into the data. This sounds like the makings of an ominous sign of volatility.

Please remain safe and be healthy, make today great!