As We Approach D-Day...

Equities are fading off their highs into the New York much hour, as the selling pressure in the bond market picks up.

I retain about half of my TBT long (the ultra-Short Treasuries ETF) to play the bearish side of bonds. 

But the larger issue may be the hesitation equities are showing at breaking out just when it appears bulls are back in full control. Headed into the widely-anticipated FOMC Announcement later this month, I am looking to see if stocks continue to show sensitivity to the bond market. 

Speaking of hesitation, inside Market Chess Subscription Services we have been noting the $558 level on Nasdaq leader GOOGL for a while now, as the marquee name has been mired in a sloppy chart for a good while. And that continues to be a big level against which to key, observing the updated daily chart, below, at the top rail of the highlighted pennant pattern.