I find it very interesting, and just a bit curious, that while the e-mini S&P 500 (e-SPZ) continues to climb in anticipation of a European debt agreement, and amidst relatively strong earnings -- especially from Caterpillar (CAT) his morning, in addition to its strong forecast for 2012 -- that the ProShares UltraShort 20+ Year Treasury ETF (TBT) is underperforming the equity market and has done so since last Monday's high at 22.00. If money is coming out of the bond market, and if recent economic indicators suggest a less vulnerable economy, and if China's uptick in its Flash PMI are all indications that the U.S. economy is in better shape and stronger than previously thought . . . then why aren't rates up-ticking and bond prices under pressure? Could it be that Operation Twist is suffocating any natural response from would-be bond vigilantes in their effort to sell bonds? I don't have the answer, but it is very strange and disconcerting, indeed. See our chart on the TBT.