4/30 noon

The stock market is in a trading range.  SPX is down 4, yet gold is up 13 reflecting Europe's quandary with it's juvenile delinquents.  Do we let them go to the reformatory or do we pay off their debts?  Should we have adopted them in the first place?
Oil is up as well.  When money stops flowing into inflationary havens and into safe havens then stocks will resume their decline.  Treasuries are having a good day and will benefit on the unwind of the junk credit spread.  So, money flowing into gold assumes that the dollar will suffer and inflation will commence (any day now...).  If the dollar rallies and inflation remains dead then the extreme bullish sentiment will unwind.  This money will flow into safe havens like treasuries.
How can treasuries be safe with buffoons at the helm???  It is all a matter of price (yield) and alternatives. 
Ooops,  stock market just fell out of the trading range,  back to work.
OK, I'm back.  5% short will be put on at SPX 1193.50.  Initial stop for 5% at rally above DJI 11,188.