We mentioned the long term bullish trend of the AGG total bond ETF a couple weeks ago. That was premised on relative weakness in the equities market and uncertainty about the FED's direction. Obviously we are in the modest of a roaring bull run and bonds have suffered as a result. Turns out that this scenario has played out before and the Ponzo forensics are forecasting some more movement to the downside before the next leg up. So far that's what we are seeing but once a hairy bottom pattern sets up on the 130 minute bars AGG may be in a nice ride up.