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Glen Capelo, head of rates at........>

US TSYS/STOCKS
US TSYS/STOCKS: Glen Capelo, head of rates at Academy Securities, noted
Tsys-bullish "price action continues and now possible trade wars" could loom. He
adds ECB's Draghi is "expected to say nothing and Yellen said nothing" today in
terms of new monetary policies. "Recent price action should continue its push:
watch the dollar, with its weakening trend intact, expect most dollar assets to
do better," he added. 
- He eyed "recent chatter/questions: Why are all the global asset correlations
breaking down? We have seen this breakdown speed up over the last few weeks.
This is a possible red flag, it has signaled the end to economic expansions in
the past." 
- Thus he warns of a "bottom line" that "until something actually
positive/policy getting passed comes out of Washington, we will continue the
recent moves in the market" thus "weaker dollar, lower rates, higher gold, and
sideways to possibly lower stocks." He also viewed "on the horizon" some
"brewing trade wars, think NAFTA and China," which "could be a game changer."

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