Scoping Out Changes

While Treasuries are bouncing mildly today in the wake of last week's first real bond market sell-off in quite some time, two rate-sensitive sectors are not responding to buyers. 

Both REITs and utilities, seen below on their respective sector ETF daily charts, are in the red and have yet to find eager dip-buyers, despite the sharp selling late-last week.

For a while now, the IYR and XLU have been seemingly defying gravity, as buyers too advantage of the bond rally and sinking yields. 

I remain short the IYR via a long SRS position, announced on this blog last week. If the REITs and utes continue to ignore dip-buyers' attempts in TLT, I will stick with the bearish bet as I believe it will signal a change in character in yields, if only for a reversion to mean trade.