Initial stage of rally could take TBT to $84-92 area (higher later)
$84-92 is only equal to the pre-split levels of $21-23, and we were there just last spring. Later stages of the TBT rally could take it up to the $132 area ($33 pre spit) where the gap down started. This gap should be closed. $132 would correspond to a 20 year yield of around 4.25%, which is still tiny compared to past levels.