More worrisome than Spanish bond yields should be the earnings warning from flash memory maker San Disk. Consider how schizophrenic the whole meme is. The economy is strong, we don’t need QE-n, so gold and bonds sell-off. Europe is weak, the Spanish bond market is off. San Disk sees lower flash demand, tech may sell off too. Old tech is cyclical, tech is global, global economies are not in the best of health but who cares. Linking cause and effect so closely is a bit over the top. Methinks that much of this is repositioning for the new quarter.