Since the headlines hit this morning of further escalation in Ukraine, no troop withdrawals and more building takeovers [5], gold and oil prices have surged higher as it is clear that any hope for de-escalation is just that - hope. Treasury yields remain up but notably less than equity markets would imply by their move as safe haven demand is confused with rate-locks for the massive AAPL new issue (and are misread by stocks as being bullish). Equity markets, of course, don't care, JPY leads the way and there are stops to run and it's Tuesday...
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