Piecing the Rates' Puzzle Back Together

In my usual Midday Video for Members, coming up, we will do a refresher on the "Rates" trade and its various correlations. 

For now, note that the defensive sectors continue to get drilled along with TLT as rates rise. The other side of that equation is the action in financials, which typically can do well with higher rates.

Beyond that, the exchange stocks can often benefit from higher rates. ICE, for example, is green at the moment and ignoring today's broad market sell-off.

On the daily chart, below, note the smooth uptrend clearly intact. 

To be sure, the next FOMC Announcement will shed light on whether these rotations are warranted. However, there is no denying the correlations tied to higher rates are becoming more pronounced than they have in a good while.