by Graham Summers
For anyone wants to make money in the markets, you need to understand one thing.
Bonds are the “smart money.”
This doesn’t mean that stock investors are dumb. It means that the bond markets are much larger and much more liquid than the stock markets.
Because of this, bond markets are the FIRST to adjust to new realities.
Consider the recent market bottom.
Bonds (TLT) bottomed in November 2015. Stocks (SPY) bottomed in February 2016.