No snap back this morning... not yet in the stock market. Why? Because there are clearly some systemic problems. Look no further than the huge slide in 3 and 6 month T-bill yields. A 90 bps slide in the 3 month since Monday's close is not merely a flight to quality move. As a trader friend on the Street has mentioned, "money is not going where it needs to go... major liquidity problem". Be careful here, folks.