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Bonds know

While the flight ot safety trade (higher gold, Treasuries and dollar) seemed to unwind this morning, 3-month T-bill yields were still in free fall.  They were not fooled by higher consumer confidence as the stock market was. It knew retail sales would disappoint.

And when bill yields continued lower still intraday it was almost inevitable that stocks would lose teir luster on the slightest bit of bad news. Greek debt went junk (duh!) and stocks gave up the ghost.

Follow T-bills and you will know what to do.



Disclosure: long gold