Futures have bounced back from yesterday’s disappointing outing, but are still off recent highs with some very consequential economic data coming next week.

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Futures are off slightly but still hugging the 50-day moving average as we approach the open.

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Things are very quiet this morning following last week’s spasmodic rally on a collapse of vol and sharp drop in the 10Y.

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While VIX’s 31% collapse in the past week… …has, as expected, fueled an impressive rebound……we shouldn’t forget about the 2s10s. The 10Y retreated from our upside target on cue. But, the 2Y has been gradually rolling over.

As long as the 2s10s inversion persists, the year end rally should be safe. But, history shows us that when it unwinds things can get ugly in a hurry.

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