Risk-off sentiment picked up steam again this past week and in a pretty decisive way. The fact that this has been going on for several weeks in a row tells me that the event I’ve been warning about for a while could finally be here. The past few weeks, however, demonstrate that there really aren’t any safety valves out there right now. It looks like I was right when I said that we’ve been in a bear market all along. The only thing left really is a big reversal in Treasuries.