New Recovery High for TBT

Let’s notice that the ProShares UltraShort 20+ Year Treasury Bond ETF (NYSE: TBT) has recovered all of yesterday’s weakness and in fact has climbed to a marginal new recovery high this morning on the way to my next optimal target zone of 52.50/80.  The better-than-expected ADB Employment guestimate ahead of the government’s report tomorrow morning, in addition to the burst in oil prices (after last evening’s more-bullish-than-expected ADP inventory data), likely have scared the bond traders a bit –- against an already “excess supply” background.  Increasingly the recent pattern and RSI configuration are looking like a rounded base formation in development.  Tomorrow’s data could present the next catalyst for lower bond prices (rising interest rates).