The point I wanted to make was about bonds, seen here by way of TLT, which as you can observe was nicely rejected by its broken trendline late in December 2023.

Which is all part of a 4 year, yes, 4 year, bear market in bonds.

My view is that all the celebrations about interest rates dropping for the rest of our lives is misguided. The bond bear still seems intact, as long as we don’t get above that trendline again. Indeed, it seems NVDA has mesmerized the market into levitating, even though rising rates for most of 2024 should have weakened the market considerably by now.

The jury is still out!

More By This Author:

Champing At The Bit
Royal Caribbean: Defying Market Trends, Sinking Opportunity
Melting Metals