Notice the following on the IEF chart:
-- Prices are consolidating after a move down from 100
-- Prices are still making lower lows and lower highs
-- The 20 day SMA is moving lower, while the 10 day SMA is about to move through the 20 day SMA.
-- The 50 day SMA is neutral
Bottom line: this chart looks to be consolidating. From a fundamental perspective, I'm guess there is a balance between the new debt coming on the market and concern about the stock market. In other words, new supply is getting trumped by "the sky is falling".
