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Bonds have backed off quite a bit from the highs of the week.  This morning’s solid GDP numbers are certainly adding selling pressure.  The IEF(iShares Barclays 7-10 Year Treasury Bond Fund) is tracing out a key downside reversal on the weekly chart.  The TLT(iShares Barclays 20+ Year Treasury Bond Fund) did not reach a new weekly high and is now trading below last week’s low.  This index looks headed for a retest of the 200 day moving average.  We believe a long play is developing in the TBF.  This inverse ETF(ProShares Short 20+ Treasury Bond Fund) closed at new February highs yesterday on very heavy trade.  It is up again this morning.  We have opened a small long position in the TBF.  A close back below this week’s low($22.30) would be a clear warning sign.