While all eyes are focused on the “V” recovery, the bond market is in a stealth reversal; interest rates moving higher.

Everyone’s expecting negative rates.  What if that does not happen?

Today (Tuesday, May 12^th) could be the day where the long bond (TLT) makes a new daily low; confirmation we may be in a dangerous reversal to higher rates.

For those who can remember the fall of 1987, the market was extended;  bonds had already pivoted to the downside.