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" ... US stocks are rallying on a belief that Covid-19 cases and deaths are decelerating. While it is true that this wave may be receding in the very near future there are still many epidemiological and economic uncertainties. But in a world where the VIX still prints at over 40 for the past month despite historic promised levels of fiscal and monetary support, it’s easy to understand why bi-polar market behavior reigns. Bonds are weakening but SPDR Gold Shares (GLD) is up, as a result we don’t see a cleark “risk message” being sent to investors. ... "