Payrolls Reaction: Hope Dashed As Stocks Dump, Gold Jumps, & Bond Yields Break Critical Support

"Inconceivable." With the total destruction of the "faith" in The Fed's pr0mised "recovery," stocks and bond yields are collapsing. A glance at the crash in fed reigional surveys should have given the market a hint (and credit did) but US equity markets are in free-fall and gold and silver are surging. Treasuries rallied hard on the bursting of the faith bubble with 10Y yields plunged back under 2.00% and 30Y yields broke below the 200-day moving average.

It seems bond had it right all week.. and stocks did not...

 

As stocks plunge...

 

Smashing stocks back into the red for the week...

 

and bond yields are collapsing...

 

Charts: Bloomberg