Bond And Stock Futures Open Red - Buying Opportunity?

Erasing Friday's gains (and the well-documented VIX-driven melt-up into the close), S&P 500 futures have opened down 4.5 points (against JPY-carry for now), Treasuries are indicated 4-5bps higher in yield, and Gold is opening down 0.4%. Not in itself a large move but perhaps indicative of some concerns that Hilsenrath is on to something and the punchbowl is being ever so gradually pulled away (though, we suspect it is only a matter of time before this article is spun in a bullish light, suggesting that the Fed still does not have a firm timeline in mind, which by implication is bullish - no news is good news - and much more jawboning has to come before the real tapering talk begins). In the meantime, we are sure the clarion call to Buy-The-Feding-Dip will be heard and in the interest of balance, we offer some insight into 'valuations'.

 

S&P 500 futures open -4.5pts... erasing the closing ramp and Friday gains...

 

and Bonds are being sold too...

 

long way to go for both from when the disconnect began...

 

Which one are you going to believe? US Macro vs SPX and 10Y from the 'disconnect' above

 

But stocks are cheap I tell you...

 

(h/t @Not_Jim_Cramer)