Some Signs of Resilience, But There Will Be At Times

Recall the title of last Friday's recap: "This is How They Get Ya."  There is no "they," and no one is really trying to deceive you.  Rather, the intention is to advocate against deceiving oneself.  Reason being a tendency to rejoice in any semblance of bond market strength without considering the strength in context.  Case in point: bonds are rallying a few ticks into positive territory this morning.  Hurray?!  The only issue is that apart from yesterday, trading levels are currently the worst of the cycle.  Optimists can replace "getting got" with something about thousand mile journeys beginning with single steps.