The defining moment of 2019 so far is the incredible cross-asset rally that took place from the bottom of the Christmas Eve 2018 massacre all the way through the low of the 10-year Treasury yield in the first week of September. It included stocks — led by low-volatility bond proxies and high-valuation growth companies — Treasuries, gold, and of course, bitcoin, up 275% at one point. Bitcoin picked up steam earlier than gold, after a massive buyer rallied the price back above $4,000 in early April. This was almost precisely when stock market volatility as measured by the VIX finally receded back to mid-2018 levels ... (full story)