Yep, Treasuries are the one thing that keeps me up at night. The higher they go the more pressure they put on equity valuations, particularly richly valued Tech/SOX stocks. I believe they blew a gasket overnight when Treasuries hit 4.7%
The divergence between equities and treasuries is actually starting to be a concern. Im pretty sure Treasuries at 5% would be enough to break the NASDAQ. Thank goodness, OIL has come off: we may get some reprieve in treasuries from lower inflation pressure. WBT needs that reprieve too. If the pressure unwinds on the SOX we'll have the tailwind to tackle $4 and beyond.
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