Remember that long bond chart I posted
several days ago? Well, it looks like my "last ditch support" has given way. Bonds are getting taken out back and shot, with the long bond recently down more than a half point (18/32) and 10-year T-note rates breaking above 4.90% to 4.95%. This is a major technical event if you're the type that likes to keep an eye on the charts.
UPDATE: Long bond closed down 20/32 ... 10-year finished the day at 4.96%. This strong close could put the old yield highs around 5.25% into play over the coming several weeks.