Are bonds scared of Doc Copper heading higher? Are bonds scared of Crude Oil heading higher? Are bonds scared of the employment stats getting stronger? Humbly I don’t know the answers to these questions.
I do know this from a price perspective. The top chart reflects that Copper has pushed higher this past month and bonds have been weak. A nearly 7% decline for TLT in 30-days is a pretty large decline for this ETF!
The chart below looks at the yields on the 10-year note and 30-year bond. Both are testing steep falling resistance at this time.
Joe Friday Just The Facts…Should yields breakout above these resistance lines, bonds should remain under selling pressure. Regardless of the news, what bond players do at these resistance lines looks to be pretty important for the bond markets going forward!