How silly of me to think that because the S&P downgrade coincided with a rally by this vehicle to a moderately important Hidden Pivot target, that — just maybe — an important top was in. Perhaps it was just a lack of imagination that caused me to overlook the possibility that speculators would stampede to the supposed safety of the very vehicles that had been downgraded? Anyway, it is now clear that the 143 target given here earlier is in play, along with the prospect of long-term yields falling below 2.5%. The bonds seem to be sniffing economic Depression, and who are we to argue?
