U.S. economic data are eerily stable, while several financial markets are priced for something awful — over there, not here. The 10-year T-note trades 1.75 percent today, more than a half-percent below its yield at the European false dawn in March.

Sales of new and existing homes are slightly positive but well below the modest bounces from the tax credits in 2009 and 2010. The Federal Housing Finance Agency found a remarkable 1.8 percent gain in home prices in March alone, but the gain in most places is undoubtedly due to a drop in distressed sales. Marker: the 4.7 percent jump in Florida.

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