As rebounds go, this has a lot to be desired.  Energy is the de facto safe haven, but buyers continue to seek out Utilities as well.  All the action is in the bond market where the two-year yield is bouncing around like crazy and the ten- year has just formed a double top.

The inflation drama is probably being overplayed, but there are serious questions on the Fed.  Recession is the next big narrative, and we will be offering additional commentary and help. But right now, it's smart to have some cash and not to panic.