Equities lagging, bonds rallying with velocity, dollar strengthening. Multiple bearish risk factors emerging.

The fact that equities aren't pushing up yet. And if we get back below this old high, some sort of larger correction on equities, you got to remember we have Anthropix IPO. We have a lot of stuff that is feeling really bubble-like. Maybe we get some sort of black swan pullback. I don't know, right? The fact that bonds are continuing to trade higher, and they're not just trading higher, they're trading higher with some velocity. These are relatively big candles on the yield charts. So if this continues up, typically, for reasons we've discussed in the past, that could put downside pressure on risk assets. We have the dollar trading up, getting back within that old range, looking like it wants to trade higher.