Stocks are picking up downside momentum, but we did see some selling in bonds today.
30-year Treasury Bond Yield Daily Chart
The yield on the 30-year Treasury Bond rose 0.96, or 1.71% today. This move put yields above the 200-day moving average that had been acting as resistance last week. Yields on the 10 year and 5 year notes also rose 1.29 and 1.48 respectively. So if money is coming out of bonds, where's it going? With stocks falling on light volume, it doesn't look like bond money found its way there. There are no major economic reports due out this week to frighten bond traders out of their positions? Perhaps the money is just sitting on the sidelines until we get a clear picture of earnings.