A crucial Hidden Pivot support at 83.53 doesn’t look long for this world. Last week’s dive came within 66 cents of it, but the bounce so far has been too feeble to suggest the uptrend will continue. But bulls would need to exceed July 10’s ‘external’ peak at 87.05 to give this vehicle a fighting chance. I remain convinced, however, that T-Bonds are not far from a bottom despite the fact that Trump has been doing his utmost to turn them into shit. Perhaps it will take a full-blown recession to turn the tide for Treasurys? There doesn’t appear to be one in the offing, but that could change quickly if stocks turn down hard for no apparent reason, as they always do at the onset of a bear market. Trump’s daily flip-flops on Powell, however, are bullish for stocks, since he doesn’t even have to fire the guy to strengthen the perception that tightening will be impossible on his watch.