As you may recall I said that the equity markets are still 'bubble-friendly' a few trading days ago.

And so they are.

It was a risk on' as stocks took back their recent losses.

The Dollar slipped off the 92 handle, just.

VIX dropped to its short moving average.

Gold and silver had big bounces.

I think a lot of this was an unwinding of 'technical trades' designed to skin the broader trading public.

Let's see what tomorrow brings.

The short end Treasury auction was well bid, bringing some relief to the markets overall.

Keep an eye on the Treasury auctions tomorrow for a tell on the technicals at the longer end.

Have a pleasant evening.

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