If the crisis is resolved and the rally is real, then why is it that:
1) Treasury yields in the U.S. are still at panic levels and NOT confirming the collapse in the VIX?
2) Bear sectors (Utilities, Consumer Staples, and Healthcare) are have not significantly underperformed?
3) Bullish Sectors (Technology, Consumer Discretionary) have underperformed?
4) European long bonds yields have NOT budged, with Italy’s 10 year-yield reaching 7% again?
5) Emerging Markets have FAILED to rally in a convincing way
6) Gold and Silver are NOT rallying on a reflation trade