While credit concerns at monoline insurers played a hand in yesterday's across-the board selling of muni closed-end funds. Let's not overlook the fact that long treasuries were also falling hard. It happened at the same time that Bernanke was babbling about "inflation expectation being well anchored." Coincidence? I think not.
The next major support on the iShares Trust Lehman 20+ year Treasury Bond (NYSEARCA:TLT) is 90, but I doubt that it will hold for long.
So where is this money going? Where is the new safe haven? On the same day that the DOW dropped 175 points, the CRB index was conspicuously strong.