The MOVE index surged significantly last week, despite a soft Core PCE. With the US10Y yield close to 5%, bond market volatility is clearly surging. Sooner or later someone will place a put on the OIL situation, clearing the path for the last push of this bull market in stocks before an epic collapse to the 4Y market cycle bottom in Q4. Expecting 2 weeks of strength, then a classic retracement due to the liquidity drain in the second half of August. Last month, “JG Capital” returned ~30%, in line with previous months (~5x YTD). See you on the chart.
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