No new highs this year on [Treasury] yields, even as equities plow higher. This is markedly similar to the last two weeks of April 2010. Way too many [equity] bulls
Bonds are refusing to sell-off and oil is pushing up to uncomfortable levels for an economy trying to recover.
Whatever the reason, it should not be dismissed. Tomorrow's auction will be key, for now extreme caution is advised for those wishing to buy into the equity rally at this stage.
---Proprietary trading source