Market Thought... interesting

First a few trading notes:

1. covered the market protection toward the end of the day.
2. repositioned AAPL calls from 250 to 270 Jan 2011. (basically it eases my exposure, while remaining very exposed, and gives me more cash on hand)

I thought the 10yr move was interesting today. The move caused the yield to decline, almost in lock step to the SMA resistance.

But what was more curious was that this was caused by the Fed. It is very evident when looking at the intra-day chart.

After 220pm it goes crazy. In my opinion because of the Fed intervention with the 10yr, it means very little to me now. I do not think it will signal the 'risk' trade is back on. (Before today, I was looking to it for that very reason.)

I also think this action is giving a false indication to the bond market in general.

But I am not a bond guy. I understand equities far better. Regardless of what happens, with out a double dip (and Buffett indicated there will not be one via his group of companies), equities are too inexpensive, and they will begin to normalize. I will not hesitate to add.