Just a quick note. As soon as I posted that comment last week about treasuries breaking out and that being a warning signal, the market rallied 6%!!! I mentioned that we should be on the look out for a move higher so I guess I covered myself. Interestingly though, today's action has moved TLT (20 Year treasuries) back up and through the area I highlighted as a cause for concern just this morning. The trouble isn't over with no matter how much we rally.
I've said it before that we need to use these rallies as opportunities to lighten up our longs. Do it.
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