So... what next

Lot of cross-currents going on. Even with rates practically at zero, money supply seems to be stalling out, quarterly M1 growth has gone negative, and year-over-year M2 is 1.x%. 30yr bond is coming off of overbought yields, however, and a refi boom of sorts is underway. A somewhat disturbing backdrop to the latest rally in the markets, however, is that the Baltic Dry Index appears to have fallen completely out of bed, having abandoned the upward trend that began early-mid 2009. As a quick global economic indicator, this isn't good.