Long Treasury Bond

Back in late May and again on 6/9, I posted that the long Treasury
was deeply oversold and that advisory sentiment was approaching
being overly bearish. I suggested I would be looking for a counter-
trend long side trade. Well, a rally of sorts has developed, although
it has been a slow one. Sentiment is less bearish now, but the bond
remains substantially oversold against its 200 day m/a. The ongoing
uptrend in the industrial commodities price composite is acting as a
strong headwind as Treasury traders like to stock up on the long side
when industrials weaken. I was hoping for some seasonal slack in
this sector of the commodities market from late June into July,
but that has yet to materialize, either. So, although the price trend
for Treasury is ok, the trade is on shakier ground, pending some
help from the industrials commodites sector. Monitoring very
closely.

Treasury price chart : $USB.