A 'Simplified Framework For Market Direction'; Goldman's Hedge Fund Honcho Warns 'Bonds Are Starting To Intimidate Stocks'

Goldman Sachs head of hedge fund coverage, Tony Pasquariello is out with a perfect (brief) note for this long weekend, laying out his simplified framework for market direction.

I’m sure that people get tired of me saying “it’s a bull market and the primary trend is higher.” 

For the bulls, this is the big picture: