The word on the day for us was bond investors had become disoriented since they became confused over what was happening to Treasury bond conditions.
Liquidity in Treasury bond markets had become low making it easy for a short squeeze as prices dropped early once again.
If nothing else its amusing bond investors didn’t know what to make of things since most had been riding nearly 7 years of ZIRP and QE.
Once the short squeeze began in the bond trading pits, stocks quickly rebounded higher only to close the day only slightly lower.
Absent much U.S. economic news volume remained light. Sure Greece is still an ongoing issue and it’s starting to resemble all the concern similar to