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Over the past five weeks, the normally boring bond fund TLT has ripped 17% higher, and it has pushed over its medium-term descending trendline today. Bond bulls have been on fire lately, and all the chatter is about multiple interest cuts in 2024 (which, let’s face it, isn’t because the economy is going to be going great, but will be a bid to stoke the coals).
Well, the bulls keep running with 2023 (with scissors, perhaps, but running nonetheless) as the Dow Industrials ETF symbol DIA (the “DIAmonds“) blasts to yet another lifetime high. That failure below the trendline has got to be one of the grandest fake-outs ever.
Since there’s not a tremendous amount to say about a equity futures market that is up 0.2%, let’s turn our attention to something that’s actually moving, which is crude oil. For perspective, here is the weekly chart of this dynamo, with one particular feature being that swan-dive it took off the high board due to Covid (thank you, China!) and its subsequent bounce.
