For Whom Does the Bond Bell Toll?

After a long, hard summer for Treasury bonds, which resulted in a 30-handle slide in price since July , the question needs to be asked: For whom does the bell toll — bulls or bears? We asked this question in July as T-bonds were reaching overbought extremes, which turned out to be in the same week as the all-time high. This chart updates the one from July’s major sell signal.