Weak Bonds Pressure Tech — Sell the Rallies for Now

"If the bonds are weak again the Nasdaq will be too."

Our View

I’m not sure why, but volume has been dropping the last few sessions. My guess is that retail is tired and the hedge funds have let up on the selling. Morgan Stanley said retail doesn't make up much of the volume and I say BS to that. When the markets are thrashing, retail is trading. 

However, the big accounts are not trading as much in that env…