Figure 1. Price Chart/ weekly
But figure 1 isn't a stock, it is the yield on the 30 year Treasury, and the chart has been turned upside down. What I hear and read is this move in Treasury bonds isn't sustainable. A sub 3% yield isn't possible, but isn't that what "they" said about a sub 4% yield? Which happens to be in the rear view mirror.
People still don't believe, and they are not interpreting the significance of the price action correctly. Maybe if this were a stock people would be wowed by the price action. But they aren't. For the record, figure 2 is a weekly chart of the yield on the 30 year Treasury bond (symbol: $TYX.X). Are the low yields of late 2008 the next stop?
Figure 2. $TYX.X/ weekly
In up coming commentaries, I will have more on why I think this move is even more sustainable than most analysts are currently anticipating. I last wrote about this secular theme on July 8, 2010: "The Case For Treasury Bonds".