Some serious flight to federal bonds

Everybody is talking about this, money is exiting European risk and landing in Treasuries. Meanwhile gains from trade crapped out and we are likely second dipping. Stocks are down a couple of points. Oil is own to the low $90s, and gold has jumped $20.

Is this a soft landing or a second dip?

My indicator is the gains from specialization, CPI/PPI. If that indicator shows a sudden rise then we know a large partition of goods producers have dropped out of the market. But the numbers do not come out until the 15th.  I can wait.