Bonds, as represented below by TLT, bottomed on October 23rd. Equities kept falling and bottomed four days later, after which time they went rocketing higher. The widespread notion that the multi-year bear market in bonds is somehow magically over, and that loaning money to the United States is suddenly a super idea, is not something I believe. On the contrary, the closer we get to that line at 92.43, the more confident I will be that the bounce is done. This, above all else (even Nvidia!) is key to the balance of 2023.