He also points out a bearish “head and shoulders” pattern playing out in TLT, the Treasury ETF. [Treasury ETFs Look Vulnerable as PIMCO’s Gross Cuts Holdings]
Rising Treasury yields could mean investors are moving toward a risk-on attitude as the economy improves or they see inflation picking up. Or maybe they’re just not excited about bonds that are yielding less than 2%.
iShares Barclays 20+ Year Treasury
Full disclosure: Tom Lydon’s clients own SPY and TLT.