Good Thursday morning. Quick hitters this AM.

As Tyler covered in yesterdays VRA Investing Podcast, as seasonal weakness continues to weigh on stocks we’re already seeing a sharp rise in put/call ratios.

Below we see that the total put/call ratio is nearing its high water mark of 2023. This is a tell. When the public is buying puts at these high levels Mr. Market is getting ready to pull the rug out from underneath them.
Following the put/call ratio is a smart money strategy (certainly at the extremes)

The biggest concern of investors today is no longer a recession taking place in the US, its the rise in bond yields. This is our biggest black swan risk; sovereign credit risks and the potential for rising debt defaults.
But again, take a look at the chart below of HYG, the largest and most important high yield (junk bond) ETF.
Not only is HYG not melting down, as rates remain stubbornly high, but instead HYG is demonstrating highly bullish technical action.
Again, this ...