If we can get away from the talk of 66,000 on the Dow (eyes roll) I wanted to focus on a favorite topic of mine, which is the falling bond market:

The above chart of the /ZB shows what a weak session it is having, and the longer-term picture below illustrates how this is a piece of a larger downturn.

As the entire bond market has, in fits and starts, been getting weaker for the past year, interest rates across the board have been strengthening, such as those tied to mortgages:

So – – falling bonds, rising rates, which means higher monthly payments. I dunno, maybe that has something to do with the fact that homebuilders just broke a decade-long trendline and are poised to utterly poo their Pampers.