Heavy bond action continues. The TLT (NASDAQ:TLT) (iShares Barclays 20+ Treasury Bond Fund) is working on a fourth straight loss after opening today’s session with a gap higher open. This nasty reversal has pushed the TLT below the July lows. Early in August the index moved ever so slightly past the July peak. A close on Monday, Aug. 31, below $161.75 would mark a key downside reversal in the monthly charts.
Outside of a sharp dip in early June bonds have remained in a very narrow range. A clear break below the $161.00 area in the TLT could lead to a big expansion of the five-month range.
Banks/Financials are perking up in response. The BKX (KBW Bank Sector Index) printed a new weekly low last Friday; and looked to be headed lower.
This week the index has rebounded nicely but still remains well below the August peak. Definitely a sector to watch next week.
No positions.
Gary S. Morrow's original post can be read here.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.
