The yield on the US ten-year note keeps dropping. Today it's trading around 1.74% - a new low for that number. In addition to the Fed's "operation twist" that buys these notes to keep mortgage rates low, investors are avoiding risk and buying these securities.

The intra-day spread of this instrument over the three-month bill is only 1.67%, or 167 basis points. Banks need a wider spread than this to make much money.

Jamie Dimon at JPMorgan and Ben Bernanke the Fed are probably having a little chat about the situation right now...

There's probably a great buying opportunity ahead for equities, we may want to keep our cash on the sidelines until it appears.