Who's Right? Bonds (& VIX & Hard Data) Or Stocks

One of these things is not like the other...

The 30Y Yield just dropped back below 3.00% once again and 10Y is back at February lows - what happens next?

 

Despite the exuberance of hope, protection is heavily bid...

 

And if Utility stocks' demand is anything to go by, bond yields have a long way to fall...

 

Finally - absent the hope-strewn soft-survey data, 'hard' data has decidedly deteriorated...

 

So who's right? Stocks... or VIX and Bonds and Real macro data?