Macro trade still within positioning mode
June 5th was and remains an important measuring point. Our long financials (Bonds and Gold) vs short assets (Stocks and Commodities) Macro trade is still in a positioning mode.
As of noon today CDT, since June 5, Bonds are up 2.6 %, Gold is up 2.6 %, Stocks are down 1.8 %, Commodities down 2.6 %. That means we are still within the 5 % window.