Yesterday I shared in a post that I was picking up some extra “pocket change” due to harvesting some bond positions (see post here) I received numerous great emails, asking why and what the plans might be from here.
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Bought bonds as a very bullish pattern took shape of late in bonds/TLT at (1) and a nice rally has taken place over the past few weeks. TLT looks to have pushed above its neckline, which is another bullish technical accomplishment for them.
Game plan….Harvested bonds at the 38% retracement level. Picked up some pocket change, a quick 5% gain at (2). As I shared yesterday the technical picture at this time is not negative on bonds, just taking some exposure off the table.