Pullback from AprR1 as expected in yesterday's post: "stage set for some drop here." How far this goes I do not know. Monthly levels typically are not a huge top. But the level was ideal place to hedge out some longs as suggested at the end of the 4/19 daily comment.

Other interesting developments: CL1 contract, which has been giving the best signals, 1 day rejection of YP and 1HP, ie, a bearish development. Meanwhile, TLT trades under its QP for the first time since 1/5/2016.