It was not a Tuesday, and it was not a Fed day – so stocks closed red. Volume was dismal. The Russell 2000 tested its 200DMA once again (and bounced) but was unable to sustain that strength, ending notably weak today. Once again the biggest news was the continued collapse in Treasury yields as a combination of massive spec positioning short “because rates have to go up” and the ugly reality of macro weakness combined to send rates to 2014 lows (and 11-month lows for 30Y yields). The Dow’s weakness meant it lost its gains for 2014.