Well, I’ll shut up about the oil gap and turn my attention to something even more important: bonds. Treasury bonds have been roaring higher all week and that’s not great for me because my entire options portfolio is oriented toward stronger interest rates – IYR, TLT, XLU. Relief may be at hand, however. The gap at 120.28 is powerful and my view is that within a month from now, we’ll have pushed below even the lows we saw earlier in May.
