This volatile macro-driven market isn't conducive to stock-picking.
No one wants to take on risk in the stock market when they can get 4% in a Treasury guaranteed, with no risk.
Last week's plunge in U.K. gilts was a warning shot across the bow of central banks everywhere.
Technical analysis becomes difficult when non-market forces come into play.
The FOMC continues to fiddle despite evidence inflation is peaking or has peaked and while all of Rome is burning down around them.
It's time for investors to keep it simple and keep it safe.
After the Australian fiscal year ended in June, the Reserve Bank of Australia marked its bond holdings to market - wiping out all its reserves.
The primary problem appears to be a continued rise in bond yields.
The stock market is always the last to know.
Trading volume remains the missing ingredient that prevents me from confirming this rally as the 'real thing.'