Did The Market Just Show A Bearish Tell?

In poker a “tell” is a little flinch or reaction from a player that can be used to extrapolate something bigger about their behaviour.

Did we just get a tell in the markets?

After the tame CPI, both bonds and stocks moved lower simultaneously. We’ve been arguing that rising rates (weak bonds) is a bullish sign, but when you see the move both down in tandem at the same instant, it should make you wonder whether that trend is changing.

Treasury futures:


S&P futures:


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