So rising rates are "a positive"? The Fed would "never allow" rates to rise unless all is well with the world? Well it seems the 10Y yield smashing to new 2Y highs along with some mixed economic data (and a TIC dataset showing the rest of the world is losing confidence in the bond) is enough to set investors rotating out of stocks and bonds and into cash (as the USD surges). The S&P is at one-month lows. The belly is underperforming as 7Y is +23bps on the week, homebuilders are getting monkey-hammered (-4.3% on the week), and AUD is getting smashed lower as carry unwinds persist. The Dow is holding right at its 100DMA (and the S&P 500 at its 50DMA). After 6 Hindenburgs in 8 days it is perhaps no surprise but we note that here are only 6 New 52wk highs today and 303 new 52wk lows.
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Dow at 100DMA (and S&P at 50DMA)...and an unusual 3week negatuve return for stocks (middle pane).
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Charts: Bloomberg