Loud Signals, Still Hands

Neutral on paper, but the internals are telling a messier story. AUD/JPY near 1.0, copper solid, Korean exports maxed out — the risk-on signals are pretty loud. But credit is barely breathing at 0.1051 and IG spreads are flashing an uncomfortable -0.62. I kept my hands in my pockets today. The signals will line up when they're ready, and there's no penalty for waiting.