S&P 500 and real assets benefited from underwhelming non-farm payrolls, but the positive moves including in bonds were erased in strong selling before the closing bell. The greatest issue for buyers this late into the topping process, is that long-dated Treasuries haven‘t moved that much to facilitate such a steep decline in e.g. tech and communications. That means the buyers wouldn‘t have really easy Monday, because the move was a bit more than pre-weekend hedging – yet real assets not following to the downside balances that out. Where does that though leave us macroeconomically and in terms …

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