Clearly, the rapid exit of dollars from the fixed income market has not yet translated into a rapid flow of dollars into the equity markets, but equities is where much of those funds will likely end up, given the rising risk of bonds. It is really a case of “who blinks first.” Assuming the stock market holds near the current support levels, it is our opinion that the bond contingent who have sold or will sell their bonds will blink first by purchasing equities.