BlackRock runs a Municipal Bond Fund (MYI) that I follow. When these municipal bond funds are rallying to new 52 week highs, I interpret the leadership position as a defensive one, not an offensive one for the equities market generally. This one needs a little more work to analyze this week. This chart actually pushed through the previous intra-week highs and settled back a little bit, but this is the highest close. Back in 2012 when this topped out, the stock markets were starting the beginning of a new 3-year run. I did notice one thing on the chart that was very odd.