The bonds have fallen so hard in recent weeks that a targeted low that once seemed like Armageddon territory now lies within easy distance.  I broached two targets here yesterday, and both can be bottom-fished with a stop-loss as tight as 4/32nds.  The first lies at 111^07, the second at 110^07.  Either Hidden Pivot has the potential to produce a major low, so we’ll keep  a close eye on any rallies that occur therefrom. _______ UPDATE: (2:54 p.m.):  Following a weak opening, the long bond is enjoying one of its strongest rallies in months, propelled by the hoard of buyers who showed up at today’s Treasury auction unexpectedly clamoring for specious product. Since the rally is coming off a low at  111^21 that lies less than a half-point from our 111^07 target, we have to be alert to the possibility that this could be a major reversal.  Cancel the bid for now.