Do You Think It's a Bear Market Rally?

I think it probably still is a bear market rally, but I don't have high conviction in that. So you look at a couple of big things that have grabbed our attention in recent weeks. US treasury doubled essentially their estimate for the deficit that the United States is going to run in the fourth quarter of 2022 and the first quarter of 2023. They took the net borrowing estimate from $400 billion up to $550 billion in just a three month span. If you don't do more QE, if you don't otherwise inject all the liquidity into the system, that's going to be positive for the dollar and I think it'll be negative for everything else.