I’ve swapped out one anchor position for another. I dumped my DIA puts earlier today and decided to replace them with TLT September puts. As I’ve mentioned, interest rates have been defying their breakdown for months, and for a variety of reasons, I see these as headed much higher. Warsh can’t change that.
The long-term /ZB continuous contract has one simple thing to say: break below the most recent topping pattern, and it’s heading plenty lower.
Thus, I am long Sept. 30 2026 TLT puts with a strike at $86. The next goal is to crack below that green dashed line, which is an important price gap.
