T-Bonds struggled for loft last week, recouping most of the previous week’s sharp losses but leaving some unfinished business. First, there is a minor rally target at 118.93; it looks likely to be achieved soon. Second is a series of peaks near 120 recorded in the last week of May. Together they will pose daunting resistance. Rather than try to predict what will happen, we’ll simply observe price action and let TLT tell us whether the long bond is in the nascent stage of a major bull market. A decisive burst past 120 would imply it. _______ UPDATE (Jul 19, 6:56 p.m. EDT): The D target at 118.93 has gone from a shoe-in to a ‘maybe’ this week, since the ‘sloppy seconds’ mechanical buy at x=113.77 has such limited appeal. Move to the sidelines for now.