Chart on 10-Year Yield

Take a look at 10 year YIELD, which to my way of thinking is THE most important and telling pattern about the economic, political, and geopolitics expectations.

Right now, after the apparent sigh of relief from France, 10 year YIELD remains under key resistance at 2.30%-2.32%, acting as though it has concerns that transcend the new political leadership of France.

The elephants in the trading room today (IMHO) were Bonds and Commodities, and, to a much lesser extent, the equity indices, which did not tack on any gains above and beyond what we saw on Sunday evening, suggesting there was a lot of short covering going on, followed by a lot of churning...