Yesterday saw the bond market sell off in a fairly frustrating way.  Granted, there was some justification for the initial overnight weakness courtesy of an approved Brexit extension, but it was actually the DOMESTIC bond market that sold off more aggressively than Europe.  But don't take my word for it:

What's up with the October 25th spike in stocks and bonds?  The only plausible explanation is the trade deal progress announced just before the stock market opened on Friday.  Bottom line here: just when we let Brexit headlines take the spotlight, trade war headlines jumped in to let us know what really matters to the big-picture "asset allocation trade" (stock prices and bond yields moving together) in the US.

Apart from remaining on guard for additional trade headlines, there's little to do apart from monitor the trends until we get to the week's meatier data tomorrow.  We may have some green on the screen this morning, but the broader trends remain unfriendly.  In other words, don't let today's green fool you.  It's just a small, friendly correction inside a larger, unfriendly trend (represented by the white lines below).