For the past week the TLTs have embraced the â�,��"slower growthâ�,� scenario, inspired no doubt by the very negative data coming out of the housing sector. Slow but surely climbing bond prices have occurred despite the continued climb in equity prices and the stimulative impact of lower oil prices since mid-summer, which arguably could impact the consumer like a big tax cut.

But, no sense in debating the merits of relatively robust economic growth going forward when the bond market appears to be convinced of the opposite.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.