TLT – Lehman Bond ETF (Last:112.08)

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TLT has rallied modestly after penetrating a longstanding and potentially important Hidden Pivot support at 108.74. It’s too early to say whether a bottom is in, but we should remain open-minded to the possibility.  If so, it would leave a 3.56% upside target for interest rates on the Ten-Year Note unfulfilled, albeit with just a small, presumably tolerable discrepancy. TLT would need to hit 115.79, surpassing a peak recorded on June 7, to generate a moderately powerful impulse leg on the daily chart.


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