There are a couple elements of this perma-rising market which I actually applaud. One of them is precious metals, which I hope roar to the moon and beyond. The second is bonds. Looking at the chart below, it seems to me the long bond is getting ready to add another leg to its incredibly long-lived bull market. Why people think Yellen might raise rates next week is beyond me. It seems the market believes interest rates are going to hang out near zero for pretty much the rest of our lifetimes.
