It’s one of those days when there is a lot of green on the screen. Ten of the eleven S&P 500 sectors are higher lead by a bounce in Energy.

The heat map has shifted to mostly green, as market breadth is better than it’s been in days.

Yet, I can’t help but notice the ten-year yield continues to edge higher. It is now back above 3.0%, which has been the demarcation line triggering stock selling and buying on the other side.

Market participants looking for peak inflation have gotten their hopes up from sharp declines in commodity prices and even this morning’s mortgage rate drop.

The economy is slowing and probably faster than the experts think.

I think the market is oversold, and the only thing that would generally justify these levels is a deep recession, which is not in the cards.

But hold on to some cash for now.