While the financial media “high fives” over stocks hitting new high, something far more important is brewing in the bond markets.
Bonds are the “smart money” in the financial system. The bond markets are not only much larger, but much more liquid than stocks. As such, when a major change begins to unfold, bonds usually “get it” much faster than stocks.
With that in mind, take a look at the UGLY Head and Shoulders pattern forming in the long-Treasury.
