Chart Check (Reflation Divergence)

On Thursday we've seen the exact opposite of the dynamic that prevailed earlier in the week with regard to the reflation trinity of yields, the dollar, and stocks. Whereas it's been yields and stocks moving higher while the dollar remained under pressure, today it's been the other way around, with yields lower and stocks treading water while the dollar has found its footing. Today's 7-year auction went off a lot better than yesterday's 5Y sale as the indirect bid suggests foreign interest ma