Treasuries and the US dollar both rallied hard today as panic broke out in Greece and equity markets worldwide.
Video of Greek Riots
[youtube=http://www.youtube.com/watch?v=rshdJZruH_0]
That video is from yesterday. Tensions rose again today.
At one point the S&P; futures fell all the way to 1056 from an opening at 1163. I have seen these kind of days close green, but the treasury market sure isn’t buying this rally.
Yield Curve as of 2010-05-06 3:15PM EST
Bullish Flattening of Yield Curve
That chart shows a bullish flattening of the yield curve as I expected. Those expecting a bearish flattening (yields rising) got their clocks cleaned today as treasury bears were slaughtered.
Mike “Mish” Shedlock
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