Dive ... Dive ... Dive

The bond market is starting to look like one of those old WWII submarine movies -- the ones where you have the guy shouting: "Dive ... Dive ... Dive." Prices are in free-fall, with waves of selling coming one after the other.

The Long Bond is down almost a full point in price, while 10-year T-Note yields have breached technical resistance and are at levels unseen since mid-2002. This chart shows the long bond futures, which appear to have nothing but air under them until the 103-and-change level.