Seoul extends the reversal into a shut Tokyo — and the bond coil breaks its line on CPI eve
Monday was a rotation day at full width: software and cloud squeezed higher while every semi ETF funded it, and the 10-year proxy quietly closed below a line we have been watching for weeks.
One year of factor returns says the market paid momentum five times what it paid safety — SPMO +28.1%, SPLV +5.4%. But the ratio between them has stalled below its own 50-day trend at the 92nd percentile of its window, and the S&P 500 Value ETF closed Monday at a fresh one-year high.