Interest Rate Repulsion

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I thought oil would be my superhero today, considering how things started, but it turns out my TBT short was actually the real winner. Interest rates tagged the descending blue trendline I’ve drawn below, and since then TLT has been firming up smartly. TBT, the double-short ETF based on treasury bonds, has been wilting mightily today, and it may well continue to do so into next week.