Decreasing volatility gives way to rising one, but don‘t look for it to happen just today. More paring the risk-on bets seems the order of the day as even the dollar and nominal yields went down together. Gentle signs of deterioration were visible in copper wavering intraday and oil getting a bit too optimistic. Stocks though continue running, or should I better say crawling, ahead as value repelled a downswing attempt. Q2 2021 hedge fund letters, conferences and more Margin debt is contracting, M2 not exactly at the prior rates of growth, but celebrations in the paper and real asset markets l…

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