This About Covers It: “It’s A Confusing, Annoying, Topsy-Turvy World”

The theme is this: record low Schatz yields, record high stocks. Or: the paring of bond shorts while maintaining exposure to risk via equities. Either way, it's a conundrum. A paradox. And it's the most important narrative for markets this week. Indeed, it takes on a special significance when you consider what might happen to Treasury yields if the bund bid makes the trip across the Atlantic. That is, what the f*ck happens when the (still) massive Treasury short gets covered? More here. Belo