Hmm so I am calling out the doyen @Raoul Pal but I want to highlight different timeframes. I am trying to show that "reflation" could reflate a whole lot more.

I tried to make this video 3 times and was strange to touch every point while keeping it a short video. So I have just dumped the whole thing here but a 22minute "ain't nobody got time for that"....

TLDR: Expensive can get more expensive. 250% gains might colour your view. #BTFD

I want to say a huge thank you to @Moritz Heiden for indulging my questions and adding additional charts to his awesome Exchange Portfolio post.

Also the CFTC data has updated and their is still a net short position on SPX and a net long position on US10Y. Eeek!