There are a lot of people who are tremendously overextended and we're now getting down to a level to where these margin calls are massive. The calls are going out right now.

The two-year note auction went far, far better than expected, prompting a wave of short-covering.

There is a common theme that economic fortunes look brighter in Japan and continental Europe than they do in the U.S., ... Even though higher rates should help the currency, they haven't because most people are seeing that as the Fed's move to slow the economy and reduce growth.

The Fed is continuing to study credit tea leaves, and perhaps they sense there's more stresses out there and they want to be in front of that by providing liquidity and communicating their support to the marketplace,

Liquidation, liquidation, and more liquidation, ... It's a steady drumbeat of selling across the curve.

What we are reacting to is the somewhat stronger than expected tenor in the November employment data - that's it in a nutshell.