And now, another cold shower for chasers of unemployment inflection points: last week's jobless claims came at 464k, worse than consensus of 445k, and an increase of 37k from a previously revised 427k (down from 429k). More notably, those collecting Emergency Unemployment Claims plunged by 404k in the week ended July 3 as over a million people have now lost their extended insurance premiums. Yet with futures completely ignoring this data, at this point the market is once again caught in a self-fulfilling momentum driven feeding frenzy in which bad news are ignored and one or two positive straws are latched on with vice like precision. In the meantime the 10Y at 2.90 is once again completely disconnected with the giddy reality that stocks are attempting to portray. With bonds pricing in full blown deflation, while stocks hanging on to inflationary hopes, one or the other will very soon have to be proven wrong.