Yields Don't Trust this Move

This morning I showed how the "narrative" wasn't exactly making sense  with what we were seeing on charts, for example the 5, 10 and 30 year treasury futures being accumulated from the European open until 5:30 a.m. when they started to move higher, but only really got attention on the move from the missed retail sales report this morning, the fact is, they were moving higher well before the retail sales miss and being accumulated at least 5 hours before it came out.

Now take a look at the 10 year yield (red) vs. the SPY (green) intraday as it sits at 2.409%

It seems there's a flight to safety trade at the same time there's a risk on move in equities.