Bonds deteriorated further late in the day yesterday as stocks surged.  This morning stocks opened down slightly and bonds recovered some of what was lost from yesterday afternoon.  However, stocks are moving back towards breakeven.  In economic news, May Retails Sales came in worse than expected, with a decline of 1.2% (vs expectations of a .2% increase) and, without the auto component a 1.1% decline (vs expectations of a .1% increase).  The initial move down in stocks this morning was due to the headline numbers.  However, after an initial negative response, it appears investors are now interpreting the results to be down primarily due to the expiration of government rebates for energy efficient appliances which caused March and April sales for these items to spike, lower gasoline prices in May, and due to the Memorial Day Holiday falling so late in the month that the sales from that holiday will be reflected in June's sales numbers. In other economic news, the University of Michigan initial June Consumer Sentiment index came in at 75.5 which was higher than the 74.5 expected.