After a year of very little volatility in 2017, the first half of 2018 has been far less easy to navigate. With that in mind, the following seeks to outline the bull and bear case for the remainder of the year. The points listed below represent signs that one would expect to see when the financial markets finally break one way or the other. Bull Case: Long term treasury yields continue to climb signaling improving expected nominal growth (rising inflation and aggregate output). US equity markets end this period of consolidation following the Q1 intermediate price peak by making new all-time highs as investors price in improving future earnings. This would confirm the ongoing strengthening in aggregate nominal growth. High yield credit spreads remain narrow which show little indication of distress in debt markets. This again is consistent with a stable economic and financial backdrop. The USD weakens after eventually hitting resistance....