As of the first hour of trading it looks like our decision to hold off following the MRSI signal to LONG SPY and QQQ was a smart move. At the same time the MRSI issued a CLOSE (not SHORT) signal on TLT at yesterday’s close…a signal we did follow. While a new bullish bond paradigm may become a reality, the volatility potential of Ben’s semi annual testimony today should not be dismissed so OUT TLT looks like a safe play for now. We can talk about a TLT double top or an emerging head and shoulders but I think there’s something more fundamental going on right now with bonds and we’ll continue our ongoing probe to discover the best (risk managed) course of action for the near future.