Risk on.

                                                  Now, the trend is up, no hedges on.

Fifth day up for stocks and half hedges taken off.

           The trend is still down, need other half hedges off to get into risk on mode.

The Trader

"Recap June 4"

Remarks from Fed chairman Jerome Powell that the FOMC “will act as appropriate to sustain the expansion” helped spur a steep rally in stocks, as the S&P 500 gained 2% and the tech-heavy NYSE FANG+ Index enjoyed a 4% rebound.  But Treasury yields also jumped across the curve after a sharp recent rally, perhaps suggesting that today’s action was more of a bounce off recent moves than a sea-change in investor perception.