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After three months in a row of gains already, long-term US Treasuries have picked up in August right where they left off in July. In just the first two trading days of August, the iShares 20+ Year Treasury ETF (TLT) has already gained close to 3% to trade at its highest level since February 1st, riding a seven-day winning streak. Despite the surge in price, TLT is only now just bumping up against a downtrend line that has been in place since its summer peak right around this time last year.

Along with the rally in price, the yield on the 10-year Treasury has plummeted for each of the last seven trading days. Going back to 1962, streaks of this length haven't been particularly uncommon. Since 1962, there have been 44 other streaks of at least seven trading days. If the streak continues into next week, it will join more rarified territory. Of the 44 prior streaks, just 18 stretched into an eighth day, and of those, only six lasted nine days.

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