Summary Bullet Points

• U.S. 10-year yield up 2 bps
• Brazil 10-year up 23 bps, closes over 10 percent for first time since January
• Indonesia 10-year up 25 bps
• Junk credit tighter
• Euro periphery spreads tighter x/ Italy, though showed some improvement  on Friday
• Argentina peso hammered another 6 percent
• Dollar index rally backs up — 94 looks formidable resistance
• S&P500 cleared several key levels after three weeks of indecisiveness
• Crude continues rise, up 3.6 percent.
• JFK-Trump analog diverges to widest level. We will give it another week or two before shelving it.
• Norway and Portugal Country ETFs move into double-digit YTD return territory
• Italy and France stock markets have fully recovered sell-off