This T-Bond proxy has taken an encouraging bounce off last Monday’s 91.85 low, but the prospect of the rally getting legs is still shaky. It is concerning that last week’s high at 97.90 failed by 49 cents to surpass the lowest of a series of external peaks recorded in recent weeks (see inset).  If TLT gets second wind in the days ahead, it will need to use its running start to clear all of the peaks to look impressive.