First chart is a weekly of TBT showing some serious resistance that we overcame today with volume increasing. It was all Fed generated, so to be safe I’ll monitor the action tomorrow to confirm today’s move. If we can stay above these levels, build a base, then we have a real shot to see this chart making some higher highs and higher lows.

tbt

Looking at how TBT reacted the last time the market decline we can see that it rose while the averages fell. If we are going to pullback soon, which I expect could start as early as tomorrow, that would reinforce this trade.

tbt

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One Response to “Bearish on Bonds”

  1. High stock market » Blog Archive » Commodities Popping Says:

    […] Both oil and ags have broken out of major areas of resistance. Given that gold is starting to move as well, this is a good confirming indicator that commodities could be a good area to focus your attention on going forward. To give a good example of how this price by volume has indicated an impeding move once the chart breaks out, check out this post abut TBT. […]

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