Stress Test

Can't ever keep from falling apart
At the seams
Can I believe you're taking my heart
To pieces
--Duran Duran

Big miss on the jobs number this am coupled w the perpetual flame of Europe has markets running for cover. Flight to safety continues, with 10 yr yields now below 1.5%.

This is not deleveraging. It is the precedent to deleveraging.

In the other corner is gold, which took off like a scalded yellow dog this am after the jobs print and scampered $50 higher.

Defcon levels are rising...

position in BOND, gold, SPX