Bond picture clear While it may be next to impossible to decipher the intentions of the Federal Reserve Board, the technical picture for Treasury bond ftures has been extremely clear this decade.

The cyclic profile has been exceptional at both tops and bottoms: Every three years, T-bonds have troughed and crested right on schedule as two separate three-year cycles have alternately punctuated major highs and lows as regularly and accurately as a pendulum moves.

Markets have to contend with two types of cyclic forces: highs and lows. These separate entities are in a constant tug-of-war, causing markets to exhibit predictably exaggerated fluctuations from cycle low to ...