Despite Fed Heads, TBT Continues to Climb

One of the more intriguing-market moves during the last 24 hours is in longer-term bond yield, which has climbed (basis 10-year Yield) from 2.66% to 2.74% since yesterday morning despite all the Fed jawboning about the need to continue asset purchases for the foreseeable future.

Why is the bond market under pressure (yield climbing)? We'll discuss that later in “What Am I Thinking?”

For now, it is what it is, and the ProShares UltraShort 20+ Year Treasury (TBT) is continuing yesterday’s strength off of Monday’s low at 75.41 towards a test of near-term resistance, now at 78.00.

Only a decline that breaks 75.41 will argue that the TBT has unfinished corrective business on the downside into the Nov 8 pivot low at 74.20.