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May 30, 2013  Thu 8:22 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Backup in rates over? Sure feels like it should be. But I actually now fear good numbers--like a good claims number, or a good number from Europe, or a terrific employment number next Friday.

In fact, I now think we have entered a permanent state of "good is bad," where every piece of good news causes another move in rates going higher until we get to the point where people say it's overdone.

TheStreet.com logoI know the move was vicious Tuesday--and we have had vicious moves before that then gave way to benign moments again. I just don't think that's happening this time. The charts in the utilities and the REITs tell me that we are in for a bit more of a jolt.

Only then, when stocks I like yield 5 percent or more (the best utilities for instance), will I feel the need to be less vigilant.

I just don't like the setup--for now.
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