TLT Run Continues, BUT…..

Two hours into the day and TLT is on a tear, confounding short sellers and still providing a partial hedge against the renewed decay in the financials.  We've laid the Project Z (daily bar) template on TLT to assess the current forecast and, as noted yesterday, there is an obvious divergence in momentum and the signal. The Detrend indicator is turning positive and has proven to be a reliable signal in the past.  Meanwhile, the Z's sell signal that fired on July 1st is now slightly underwater (-$57) and requires some money management scrutiny. GDX and GLD are the big leaders today as the VIX stabilizes at + 4%.