Not much to add here.  Market is speaking with a wholesale repricing of financial assets.  Stocks, bonds, there is nowhere to hide.

Muni's getting absolutely pulverized.

I am not selling anything here and just looking to buy opportunistically.
S&P about 6.4% off of it's highs.  I think it is overdone, but it is difficult to stand in front of this train heading downhill.  That said, there are deals if you are willing to provide liquidity.  I bought a little JPS which is now at about a 12% discount.

The yield curve is steepening with the long-term TIPS trading now at 1.4%+ real yield.  I would not be surprised to see this go even higher as I believe the negative real yields are an anomaly.  At 2% I believe these to be screaming buys, so even at this level I like them.

10 year TIPS are at about 0.5% real yield which is still very low.

All that said, I think bonds are good value here as growth will be hard to come by.  China is not giving us any warm fuzzy feelings.  In a low growth world, bonds will do well.

Finally, if anyone is keeping score with the AUD (australian dollar) there has been a huge move our way down to 92 area and I would not be a pig about it and cover the short around here.  Some believe this can keep going below 80 and maybe it would be a good hedge against a world value destruction scenario as AUD is heavily dependent on China.