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Caleb Franzen commented that risk assets began to decline when yields fell. He observed that risk assets were performing particularly well when both yields and the Dollar were rising at the same time.
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Franzen has previously noted specific market underperformance following technical events. He observed a bearish engulfing pattern in the S&P 500, with tech and growth stocks lagging. In a separate comment, Franzen highlighted that Opendoor stock declined 87.8 percent since its IPO while major indexes posted gains.