I know that’s a double negative but the whipsaw in markets today is double-crossing just about everyone.

Market watchers are scrambling for a headline in Ukraine to blame the latest moves on but some skirmishes there doesn’t change much. Even if it did, the answer wouldn’t be do dump US dollars against everything.

The bond rally is a real puzzler because you have to seriously believe something changed for the worse in the US economy to be still buying 10-year Treasuries at 2.59%.

US 10s

US 10s

Part of the move looks like a squeeze against late-coming dollar longs but you’ve got to stay nimble.

Once the dust settles, there’s some good news in the US economy and I like buying the dollar but you have to wait for this shakeout to end before making that kind of trade.