Both December T-Bond futures and TLT, an exchange traded fund (ETF) that tracks long-term bonds, hit important rally targets yesterday. As such, we should expect a significant correction before the still feisty bull market moves significantly higher. We’ve played the move via ultrasafe, out-of-the-money calendar spreads; however, the steepness of the rally has sapped their potential for producing big gains.  This argues for an increasing emphasis on vertical spreads that will provide more leverage. For timely details, you should stay tuned to TLT posts in the chat room. _______ UPDATE (9:42 a.m. EDT):  HOLY S**T!!!!!!!!