For the fourth straight quarter, US stocks dramatically outperformed Treasuries.
S&P gained over 6% as Treasury’s total return fell over 4%.
And despite all of JPM’s wailing of massive rebalance flows, Small Caps and Big-Tech have soared this week (as bonds were dumped).
Trannies were the best-performing major index in the US in Q1 (up 17%), followed by Small Caps (+12%). The last couple of days melt-up in big-tech dragged then positive for the quarter (Nasdaq 100 +2%).