A Whiff of Deflation (SLV, TLT, SPY)

Very interesting to see that silver is getting smashed and the other risky/inflationary bets (equities, oil) are falling too.

Meanwhile, Treasuries have been quietly rallying since they bottomed on February 10. No one has even noticed the strong performance - sentiment is still negative - as the long bond ship is slowly pulling out of the harbor. Implied volatility of treasury call options has risen only slightly.