Last week’s succession of breakaway gaps was solidly impulsive, having exceeded the required two peaks, one internal, the other external. But in failing to go the extra inch it would have required to get past a third, the 89.49 high from September 29, bulls hinted they are slightly timid about going for the gusto. They could change that with a renewed push this week that takes out the untested peak, but the task will have been made more difficult by the sharp relapse that occurred following the fleeting high. Bottom line: the picture for T-bonds has brightened, but we shouldn’t assume THE bottom is in.