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The bond, TLT, TBT charts and technicals are urging me to get short the long end of the yield curve...looking for longer term rates to climb in the days ahead. My near-term work in the ProShares UltraShort 20+ Year T-Bond ETF (NYSE: TBT) argues that the upmove off of the July lows at 48.01/05 exhibits very bullish form, in the aftermath of the completion of a major correction from the 6/10 high at 59.97 into the July lows. Based on my analysis, the pullback since Monday’s high at 54.19 into today’s pre-market low at 50.74 appears to me to represent a significant buy-window ahead of the next upleg that projects above 54.19 to 57.00.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
