Not Through This Door; At Least Not Yet

A whole host of positive earnings' reactions, notably from firms in the Nasdaq, look to be giving stocks a much-needed boost this morning. However, we ought not overlook the point that Treasuries are bouncing precisely where they needed to in order to avoid a significant breakdown, and by proxy a spike higher yet in rates. 

On the TLT weekly chart, below, the bounce off $117 has me post-poning plans to press bearish bets in the rates' complex, at least until I gauge the strength and sustainability of this bounce into next week.

In the meantime, the relief seen in Facebook, even the likes of Chipotle, may be enough to hold off bears into next week, if not into May. And if bulls can now use all of the coming "sell in May and go away" hype to their advantage, we may even get something in the way of a wall of worry to sustain this morning's bounce.

First things first, though, and if TLT can keep bouncing off $117 combined with solid earnings reports coming in it could alleviate much of the short-term anxiety facing bulls in equities, too.