Ten Year Note (UST)

Here it is again.  The monthly 10 Year Note.  We began following it nearly a year ago (yellow highlight) to manage a coming deflationary/bear issue.  The UST among several less readily apparent indicators remains a bearish divergence to the rally. 

'Oh no, a perma bear!  He's fighting the bull!' say the newly brave wise guys. 

Bite me; we managed a coming bull pivot due (and arrived) in October.  Now we look ahead.  The UST remains in a bullish stance that paints deflation as the dominant theme beyond punch bowl season. 

I remain in bull mode short term, but NFTRH now begins to incorporate a view for beyond punch bowl season.  In the markets, looking ahead always works best in the long run.

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