A look at the bond market
When we look at something like EUR, NZD or AUD it's clear that there are real worries in the global economy but when you look at stocks, there is hardly a worry.
Bonds are in the middle and the 10-year yield is where I'm watching to get a sense of which way markets will go.
If 1.50% breaks, it's not the end of the world because the 2019 low of 1.43% is still in play below followed by the 2016 low of 1.32%, which is also the all-time low. I think a break of that is a certainty if the coronavirus turns into a global pandemic and I would expect 1.00% to break as well as the Fed cuts.
