Take a gander at the chart if you want to see why this vehicle is the one to watch right now. The futures have come down to within a hair of a crystal-clear midpoint pivot at 122^18. If the support is smashed, I would infer that yields are about to go significantly higher, choking off the statistical recovery that Wall Street has been so exuberant about lately. If, on the other hand, it holds, that could imply at least a temporary softening in yields and yet more stagflation to warm Wall Street’s cockles. I cannot predict at this point whether the Hidden Pivot will give way, but we should watch it closely, as well the dance of minor trends in both directions for clues.
