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Last night Apple warned and this morning the ISM posted an unexpectedly low PMI report.

Bond yields plunged.

Apple Cites "Mounting Uncertainty": APPL Down 7% AH, Nasdaq Futures Down 2.3%

Sharp, Unexpected Decline in ISM Numbers Led by Plunge in New Orders

Debt Watch

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Despite the flattening and now inverting yield curve, note that the spread between the 10-year and 7-year bond actually rose since January 1, 2018.

The spread between the 30-year long bond and the 10-year note is nearly what it was a year ago.

I believe this is a strong bond market signal that the end of the bond bull market approaches. It's possible it's already over. But I do expect one more strong push lower in yields as recession hits in 2019.

We have enormous deficits as far as the eye can see from a starting point of $22 trillion in debt.

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Mike "Mish" Shedlock