My perspective was: "But, what will it take to scare away investors to stay in treasuries long enough to keep the rates down? Just watch the charts, and be aware of the paths it offers."
Yesterday's market crash (large -8%+ intraday low) may be the new direction for the PPT: Make an unbelievable panic day, to create uncertainty and a rush to Treasuries. Well, it worked. This morning, mortgage rates are again below the magic 5%, while the US Dollar has broken a new high.
This is a win-win scenario. The Euro/Greece crisis made the US Dollar a great place to park cash. The market crash moved significant interest into treasuries. Oops? Did someone forget about the bond market's reaction?
Regarding money flows:
SPY topped buying on weakness, large inflow of money on a falling price.
AGG (iShares Barclays Aggregate Bond ETF) topped Selling on Strength, for large outflows of money on a rise in price.
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