Todd Stankiewicz (@toddstankiewicz): "$20B in private credit redemptions. A Fed divided for the first time since 1992. And bond prices NOT confirming the equity rally. Stocks are making higher highs. HY Bonds are making a lower high. That is a bearish divergence. And the bond market was right in April. I think it …"

$20B in private credit redemptions. A Fed divided for the first time since 1992. And bond prices NOT confirming the equity rally.

Stocks are making higher highs. HY Bonds are making a lower high.

That is a bearish divergence. And the bond market was right in April. I think it may be right again now.

Full breakdown + what to do about it:

$20 Billion in Redemptions, a Fed Divided, and a Bond Market That Isn't Buying the Rally

May 3

11:56 AM