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.