Yields, Chips, and Fragile Calm

A lot of this market still looks calm if you only glance at the headline indexes. Underneath that, bond yields are jumping in places people used to treat as boring, semis are stretched to extremes, and a lot of the rally is resting on a surprisingly small set of names.Japanese yields ripple outwardA rally with very narrow legsSemiconductors look stretchedNVIDIA and the problem of high expectationsVolatility may be getting a temporary resetPolitical risk shows up in UK bondsThe consumer picture is more mixed than it looksOptions positioning and where the edge may beThis podcast was created with Podkey. Make your own at https://podkey.fm