Rates on the 10-Year Note eased somewhat last week as investors fled to safety, but the chart shows that the rally is still well on-track to hit a minimum 3.59%. Because it took a long time for buyers to chew through the 3.11% midpoint Hidden Pivot — a target we had correctly forecast six months earlier, we might expect them to take their time covering the distance between here and 3.59%. Regardless, even if the pullback continues for a couple of weeks, the stock market is likely to remain under pressure due to what the news media are calling ‘interest rate jitters’. We’ve been warning about this for months, and the day has finally arrived.
