Don't Get Lost with These Directions

Treasuries appear to be in the midst of forming some type of base after diving in early-February as rates spiked higher. Now that many inflation hawks seem to be chirping, it makes sense that Treasuries would stage a bit of a relief rally to keep the latecomer bond bears honest, at least in the interim. As usual, the market will not make the directions so easy to follow even if this is the early phase of a new bond bear market which sees rates spike higher and TLT (bond prices) crater. 

On the TLT ETF daily chart, zoomed-out below, you can see the $117 prior support level holding once again, for now. Bond bulls set trying to cement the basing action as a launch pad for a relief rally which would see rates come back down a bit. Over $119 now should give bond bulls more room up to $121 before I would reevaluate the relief rally thesis. 

Elsewhere, Kroger is getting whacked after earnings like it did before, as we wrote yesterday. I expect the grocery chain to head into the teens this summer. 

And BlackBerry is a hot early mover to the upside. It likely needs to hold over $12.60 now to sustain this progress, but looks rather promising here.