The story of the day was the Treasury's five-year TIP sale. I'm as shocked as Cosmo Kramer on this but shouldn't be since TIP yields were heading in this direction. Who would buy a bond with a negative yield? What's the message for investors? Hyperinflation and soon! If it goes that way the government will have to reconfigure the CPI to ex everything we do except the cost of government. Elsewhere there was news existing home sales were higher--big whoops! Markets rallied higher early mostly on the same old theme: a weak dollar is a good thing since not much was accomplished at the G-20. The USA is rapidly becoming the world's laughing stock. Volume was once again light while breadth positive. Continue to U.S. stocks & sectors:
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This is a short post since our dear friends have arrived from Hawaii. The husband is now nearing 80 but taught me to surf in the early 1970s. Peter Cole was a world famous surfer. He was in many 60s surf movies, one of the first person to ride a wave at Waimea Bay, on the cover of Life Magazine, and is visited by many visitors from across the globe at his Sunset Beach home. We're so excited to visit since it's been five years since we were last together. Please give a lot of thought to the weirdness of TLT and TIP. Which is it -- inflation or deflation? Let's see what happens.