The best part of being a chartist is discovering a pattern that promises a big move and then seeing that move play out.  The worst part of being a chartist is waiting for the move to play out.  These days, those waits can last forever.  But, they’re worth it.

A case in point is the 10Y, which came within 3bps of our next downside target earlier this week……or the e-minis — which nailed our interim downside target on May 31.  Since then, we’ve been waiting for the next shoe to drop.  The sharp bounce in equities over the past two days has tested the patience of those of us looking for much more downside.

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