Jan

30

 There have been 30 days in the last 10 years when both bonds and stocks decline 1% on the same day in conjunction. There were three in 2008, three in 2007 and none between May 7 2004 and June 7 2007. It happened today with bond futures down two full points and stocks down 28. It's what I used to call a very healthy day when I worked for The Palindrome, as the juice was taken out of all markets and both the stock and bond vigilantes were doing their job. It occurs two days after a very unhealthy day on Tuesday, January 28 when bonds were up two and stocks up 10. The move in bonds down from 141 at beginning of year to 126 1/2 at the close day is one of the greatest in history and should give one pause.

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