The rally doesn’t seem to have much oomph behind it, since each new thrust is hesitating just shy of impulsiveness on the hourly chart. This implies that bottom-fishing the T-Bond futures may be worth the effort.  If so, the nearest downside target in the December T-Bond, currently trading around 121^30, lies at 121^12. ______ UPDATE:  Today’s strong rally in the Bond futures corroborated intimations of weakness in the TBT UltraShort. The December Bond trampolined from a low at 121^26, so we didn’t have a chance to board at the bottom.