Still no panic, but lower. The dollar took the biggest beating and looks ready to take out its May lows. Only T-Bonds of the Four Horsemen of the Apocalypse moved contrary to what we call the Armageddon trade, where gold moves up, the dollar, stocks, and bonds move lower. A large concurrent move in the Four Horsemen would signal a loss of confidence in the U.S. government and markets, in our opinion.
Could be bonds are starting to price that the deflationary consequences of budget cuts will be greater than the negative consequences of a sovereign downgrade. Then, again, could be just noise. Nobody knows for sure. Stay tuned.
(click here if charts are not observable)
Global Macro Monitor 
How about adding food complex commodities and crude to the AT?
Could get caught in a deflationary downdraft…. But good points!