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Chart of the day is.......

...very, very scary indeed. Mortgage resets in the USA.

Necessary and deserved hat tip to John Hussman's blog.

Look, I'm sorry to do this to you on a (N. hemisphere) spring morning. I'm not trying to get you all bearish about life all the time, but this chart was just too eye-popping to ignore. And in the end, you gotta know the truth about this bear market rally. The truth is that it's a rally in a bear market. And it's still a bear market.

Meanwhile, from one seismic zone to another, Otto's thoughts are with Abruzzo, Italy this morning.