Stocks may have caught a bid over the past few sessions, bonds may have stalled, ditto gold and the euro finally found some love so the flight to safety is toast, right? After all, consumer confidence was up and this morning we heard that Euro problems won't bring down global growth.
Wrong! 3-month T-bill yields have been dropping like a stone over the same span. Yeah, retail sales was bad and yeah, or should I say duh! Greek debt was downgraded to junk but the spin-meisters a spinning faster than a latex clad fattie in the gym (save your P.C. flames).
Something is wrong in the stock market and bonds know it. Who are you going to believe anyway? Analysts or the markets?
Stock prices will be lower by summer's end than they are now. Its just a matter of how high the cliff will be.