TIP - Treasury Inflation Protected Bonds
The obvious pattern here is a major breakout from an 8-month "cup&handle" accumulation pattern that implied a rally to 119 based on the 112-105 correction of 7 points. However, TIP fell short of hitting the target and now appears to have broken its short term upside momentum. I would use any further upside to sell, leaning against 116 as key resistance and using a 117 stop. I doubt 117 will be exceeded. Perhaps 1/2 stop at 117, 1/2 stop at 117.50. I would also imagine that 112 will be tested in the next 1-3 months to retest that breakout level.
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