Correction: Copper didn't put in a lower high today, but it did break symmetry (200 points in this pullback compared to 129 in the largest prior)

Banks need the curve to normalize and it's going the wrong direction. You would think lower yields would help the regionals with CRE loan maturity walls coming up, but the overall lending business needs a normal curve, preferably with higher rates (higher rates = stronger economy).

Copper put in a what looks like a higher low today.  I was kind of expecting it to break higher, but yields crashing was the canary in the coal mine...the bond market and  Dr. Copper aren't betting on economic strength in the medium term.  Lower high on copper increases the probabilities of lower high on indexes (just probabilities though - it could go either way with all this debt, deficits, and crazy derivatives action driving the whole thing from the shadows). Puts sold short are at a 10 year high, so that could be the next run.