The yield curve is steepening and moving above the danger level. As you can see back in late 1999's we had a hiccup in the spread which caused a sell off, but it corrected itself and market continued on. We had a similar hiccup this past year which caused a correction in the market and then it continued. This time it has continued despite the spread continuing to go up. We have entered a very dangerous point. If the spread continues to widen then expect more volatility to come as bonds start becoming more attractive than stocks and other margin and earnings related issues that come with it.