You'll still rising. What does it mean? S&P 500 at all time highs and non-fungible tokens and FTs here with Tony Greer. Tony, welcome great to be here. Ash, how you doing? I'm doing well. Lots going on. Let's dive right in.

Yeah, man, you know, like you said, like you started with, I really haven't taken my eye off the bond market since the Daisy cutter two weeks ago, you know, that was a major move for me.

And I'm a big weekly close guy and daily close guy and you know yields to me on a weekly closing basis. We still got six weeks in a row of higher yields.

So while the equity market wants to behave like, you know, they're really the rate rise is done. The bond market is sitting there, you know, right on its lows with yields right on their highs, saying, move is still in motion in my opinion.

And so that's, that's important because as I see the translation of higher yields, I'm still looking for the commodity market to keep showing me signs of inflation coming.

And I'm looking for the stock market to start changing its rotation quite a bit, which I think we started to see. And we'll continue to see in quite quite honest. I think technology is going to struggle. I've said that before and I think we're going to see a robust natural resources tape in 2021 and beyond.

I feel like we're setting the table for a sustained bull market and natural resources.

Yes, so much to unpack there. Let's stick with rates at the very beginning. So people can understand what you're looking at. Are you looking at the tenure? Are you looking at the belly of the curve? How do you think about the relationship across the curve? And what are your thoughts more generally on where we're headed?

Well, you know, as I'm not a bond market expert, but I do have my way of following that market and the way I follow it, you know, I'm looking at, you know, the flat price yields right just yields in and of themselves the charts have broken out from a downtrend into a consolidation and now have turned higher.

So in my technical study, I haven't found them reaching a resolution point just yet. So I'm still looking for yields themselves to find where they're high is going to be.

Now, I'm also going to have to watch the curve and break evens and to me, nothing about the curve has shown that it's going to cave in and start flattening here.

Rather, we remain in this bear steepening bond market action where we've got a bear move in treasuries with yields going higher and we've got the yield continuing to steepen to me.

That's critical to me. That's the bond market pricing in more economic activity.

And I think it's also, you know, when I look over at my inflation indicators like the break even five year.

Man, if you take a step back from the break even five year chart and look at it on a 10 year basis, ash, you know, break evens have ripped through two and a half percent, which was a huge 10 year long top on the break evens.

So now that they're breaking through those levels, it's telling me that the market is really anticipating more inflation than we think.

And now that we're in breakout territory and break e five year break evens, you know, I'm really nervous about the yield curve excuse me about yields continuing to rise.

And I think that that's where we are right now, you know, the bond market may be taking a little bit of a break, but I still think there's another halacious sell off coming that's going to push yields somewhere to find their peak.

And then that's when I'll start to see if the equity rotation is firmly entrenched in this higher yield rotation and we can proceed higher.

It feels like we can proceed higher in stocks as long as the economy is there to back us up.

Well, you know, Tony, that's exactly where I was about to go.

Pithy summary of what's happening in the bond market right now, what's it mean for equities and why?

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