What’s going on with bonds is interesting. It used to be that as bonds eroded, interest rates went up, and then banks would roll around in a bull-gasm. These days, however, even the nimrods who buy equities are realizing that higher interest rates are going to lead to global asset death. Here we see TLT continue to break down.

(Click on image to enlarge)

In turn, the homebuilding sector XHB – – which is going to enter a depression that will last for years – – is finally getting wise, since the ability for Ma and Pa Kettle to pay for these dreadful pre-fab soulless monstrosities is evaporating.

(Click on image to enlarge)