A lot of this market still looks calm if you only glance at the headline indexes. Underneath that, bond yields are jumping in places people used to treat as boring, semis are stretched to extremes, and a lot of the rally is resting on a surprisingly small set of names.

• Japanese yields ripple outward
• A rally with very narrow legs
• Semiconductors look stretched
• NVIDIA and the problem of high expectations
• Volatility may be getting a temporary reset
• Political risk shows up in UK bonds
• The consumer picture is more mixed than it looks
• Options positioning and where the edge may be

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