“The upside break indicates the long-term uptrend is reasserting. We now expect a push to new all-time highs before year-end. The 200-day exponential moving average has provided support to downside reactions over the past eighteen months,” he wrote in a newsletter.
“The relative chart versus the equity market is defeating a three month falling trend channel, implying outperformance going forwards,” Coe added.
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Full disclosure: Tom Lydon’s clients own TLT.