No, really, there is a big, huge, massive rotation out of those dangerous, inflationary bonds into safe, predictable equities...
Depth of market, or lack thereof, chart from Nanex.
And, the VWAP strange attractor those GETCO algos love so very much:
How shocking! Nope, not really. From November 13:
We can summarize it as follows: the lame duck congress will posture, prance and pout. And it is a certainty that in the 15 (see calendar below) remaining days it is expected to be session it will get nothing done. Which means, that once again, it will be up to the market, just like last August, just like October of 2008, to implode and to shock Congress into awakening and coming up with a compromise of sorts. Only this time, now that Bernanke has shown he will "get to work" at a moment's notice, the impetus to do anything as a result of even a market plunge will be far less. After all why lose face, and put your career in jeopardy when there is the Fed which, supposedly, can offset a market crash, courtesy of the shining example set by Chuck Schumer.