Fed Chariman Greenspan and the other Fed governors have made it very clear all week long that they don't like where the long bond yield is. They think it is way too high and that the bond traders are much too optomistic about a recovery.
Greenspan is obviously going to agree with Jack Welch, Warren Buffett and America's CEOs and will make it clear that he sees no recovery in sight. He wants the bond to rallye so that the yield comes down. The way to do this is to talk down the idea of a recovery.
He will do that today and the markets will trade down. He will simply be telling the truth just like Jack Welch has, but everyone will be pissed off because they're stupid. See you at GE $37.50 or lower today.