Usually the worst credit mistakes are made after the Yield Curve Inverts. Blow Off Tops apply max pressure on value investors. Is This Time Different?

The fact that IFRS books it as “Equity” should be a dead giveaway. $DB Leverage actually increased to 36x tangible equity ex DTAs in 4Q19.

— PlungeProtectionTeam (@gamesblazer06) February 26, 2020

Stop me if you’ve head this before:

The 30 Year TSY hit a record low today 1.30%$TLT @chigrl @GaryKaltbaum @DiMartinoBooth #treasuries #rates

— Reminiscences of an American Capitalist (@4Awesometweet) February 26, 2020

Surely that’s nothing a half a trillion in Fed liquidity can’t repair. Oh…wait. That’s already pissed into the wind, I mean, judiciously deployed to address some technicalities that had hampered the transmission mechanisms in the shortest of short term lending markets#Winning https://t.co/KWOaikU88i

— Danielle DiMartino Booth (@DiMartinoBooth) February 26, 2020

The S&P 500 is up 1.4% today.
Is it signaling the worst has past?

Consider:
10-year yields = down
Crude oil = down
Copper = down
Gold = up
Dollar = stronger

All this is consistent with more "issues" ahead.

Stocks are, for the moment, the outlier.

— Jim Bianco (@biancoresearch) February 26, 2020

.@Nouriel tells @FerroTV V-shaped recovery hopes are "delusional" https://t.co/c8FC7tkzhw pic.twitter.com/uZtB8H6uRh

— Bloomberg TV (@BloombergTV) February 26, 2020