Bonds have been range-bound since mid-November. That’s nine full months of meandering in this sinewave. I’d keep a close eye on that lower boundary. Break it, and Even Higher Interest Rates are clearly being signaled, thanks to Yellen’s tremendously generous gift to her banking friends in mid-March. TLT

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Contemporaneous with this, utilities, represented by way of XLU, would likewise fully express the power of their diamond topping pattern.

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