As occurred in May, all three of the main markets I track are down: stocks, bonds and gold. This is the opposite of the situation that began occurring after stocks bottomed in 2009. Even on days when two of those three assets were down, the other was up. My interpretation is that liquidity was plentiful then, and prices of all those assets were attractive. Now it's the opposite for all three markets, more or less.
This may not bode well for the weeks ahead.