Global markets continue to feel the pain of higher bond yields as we go to four year highs on the US 10yr note. 

Technicals on all the major industries tell us prices are going lower despite an earnings season that continues to deliver what was expected. Maybe that’s the problem?

Meanwhile energy has completely changed its character relative to the S&P with another week of outperformance last week and a signal there is more to come. We explain.

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