TLT has turned higher because it is synched with a 4.81% target for the Long Bond that was precisely achieved last week. However, there is room for another leg up, to 4.98%, and therefore room for TLT to fall commensurately to the 80.84 target shown in the chart. TLT’s rally should be tradeable nonetheless, and some subscribers have jumped on call options suggested by ‘Spartacus’ in the chat room. Implied volatilities are running at least a third higher than historical, so the bet will face some headwinds no matter what happens. It is not encouraging that the rally from Thursday’s 87.10 bottom, steep though it was, could not push impulsively past last Wednesday’s 89.62 ‘external’ peak.  Here’s the chart.