“Everything is Well Crowd” is out Today

Day 46 of the rolling top is here.  The Dow, a basically meaningless group of 30 glamour stocks, is making new highs, yet the Russell which measures the real economy is still down significantly from its highs and for the year.

See in chart here, what my friend Ron Griess at the Chartstore has to say about the current environment.

T-Bonds seem to be headed for a test of support at the 134-16 level on the June contract over the next couple of weeks.  That level should hold until the next batch of bad news sends bond prices higher.