by Karl Denninger, Market Ticker:

The rally yesterday was triggered by a belief that the Bank of England was “restarting” QE while still raising rates.  The money flow into US assets (and out of there) was fast and furious, followed closely by a decent amount of flow out of the Euro and (somewhat less) Yen as well.

Don’t bet on Pavlov’s dog actually getting the steak.

Indeed if you got trapped in this downtrend you might think of it as a short-term reprieve that may go on for a little while.

But not for long.