The relentless grind higher in Treasury yields continues to add pain to the equities market as the long end of the curve plays catch up with the Fed’s higher for longer narrative. Somewhat baffling why the bond market was so late to the party.. The Stronger Jolts data reversed a slightly better-looking start to the day sending yields higher and major indexes into negative territory again. We see a change from yesterday where the mega caps held up the market but today they failed and certainly not doing any much-needed heavy lifting. This is likely what should have happened yesterday if we hadn’t seen a competitor make their valuation call on the mega caps. Today there was hardly any hiding places to be seen apart from a few value names that were outperforming with slithers of green in Telecom, Household/Personal Care and Utes.. Add the VIX to the mix as it tried and succeeded to break 20 today which is the highest level since May this year when yields spiked aggressively. We also read reports earlier that CTA’s are done selling and could turn buyers if this market rallies – That’s a big IF at this point..