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The all important 10-year yield has stayed within a well defined falling channel for the past year years. Since 2011 a possible bullish head & shoulders pattern in yields could be taking shape. The rally in yields since the summer of 2012, now has the yield on the 10-year note up against this key falling channel.
Yields have NOT broken from this falling channel at this time as they are testing the top of the falling channel. Are bond bulls nervous about this pattern? I suspect they are! If a breakout takes place, yields move a good deal higher and bond prices decline in price!