The rally begun nearly two weeks ago from 91.85 is threatening to reverse, cutting short the respite that investors in Treasury Bonds may have felt.  It’s too early for them to run up a white flag, but I’ve reproduced a longer-term chart that shows how precarious their position is. A further fall to 86.48 would hardly be a shocker, especially in the light of an outstanding target of mine at 4.64% for the 30-year.  I estimate that the two targets would be roughly in synch. Whatever the case, a relapse would inflict even more punishment on all who owe dollars. _______ UPDATE (Nov 10, 7:10 p.m.): The biggest one-day move that we’ve seen in a long while surpassed an ‘internal’ peak at 97.90 on the daily chart, but it will have to get past an ‘external’ high at 100.90 to turn the chart bullishly impulsive and suggest the bear market has ended. If this happens with no significant retracements, it would be even more bullish.