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TLT, the Long Treasury Bond ETF, broke the short-term downtrend on Friday. Dave Rosenberg wrote last week about investor demand for the bonds:

While media-types and market pundits have continued to express their disdain for the U.S. bond market, yesterday’s 7-year note auction was met with strong investor demand (somebody is buying Treasuries and it’s not the Fed who have not added any to its cache in the past three months and all bond yields have done is range-trade even without that support).

Despite negative sentiment and increasing supply, prices are not only holding up. They are improving as demand is increasing, too. They say stocks 'climb a wall of worry.' It looks as if bonds may do the same.

The ETF is pulling back today to test the break of the downtrend. The 92 level now represents important resistance. Surmounting that level would be a pretty bullish development in the technical department. 

Disclosure: long TLT