Last night in the "Daily Wrap" I showed a few charts of TLT and said,
"Here on the 15 min chart you can see accumulation sending TLT higher and a negative divergence that fits with the candlestick reversal above, so I'm looking for a pullback in treasuries, unless some event causes a flight to safety."
And that's exactly what happened today. I'm convinced that smart money was at work behind this negative divergence, but the reason remains unclear. This Wall Street Journal article covers some of the possible angles, plus the NY F_E_D conducted a reverse repo today, withdrawing liquidity from the market.
Whatever the cause, 3C caught it.
5 years ago
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