10Y yields are back below 2.20% and 30Y below 2.85% - awkwardly close to the Bullard lows - and stocks appear to be waking up to the massive squeeze-driven decoupling in the last 6 weeks (as USDJPY tests below 118.00). Small Cap Russell 2000 has plunged back into the red year-to-date, and the rest of the equity complex is not "off the lows". Remember, it's all about the fun-durr-mentals.
Russell 200 back in the red year-to-date but the collapse in Trannies is significant as low oil prices are suddenly not great news...
As bonds test low yields of the year...
[3]
And Treasury shorts remain massively high...
[4]
Charts:Bloomberg
