Elevated June PPI Data Scares Some Treasury Bond Longs, and Adds Some Confidence to a Developing TBT Bottom

The ProShares UltraShort 20+ Year Treasury (TBT) has popped this morning from yesterday's pullback low at 30.22 to this morning's high at 31.28, which we see is a new recovery high within a potentially larger-developing bottoming formation.

The next immediate target is in the vicinity of 32.00, which if hurdled and sustained, will point TBT to 32.80-33.00.

At this juncture, only a sudden downside reversal and decline that breaks 30.20/00 will compromise the developing constructive set-up.