A key level to watch in the days ahead
When bonds and stocks diverge it's usually the bond market that's right. This week, that hasn't been the case -- at least so far.
The rip in stocks the past two days has been followed by a rebound in Treasury yields as they 'catch up' to the optimism that never really left the stock market.
So what's next? I think the technicals will tell the story. The November low of 1.67% up to 1.70% is now key resistance and it has held up so far today.
