We recently posted an update to our bond market analysis on 21-February-2018. We were then and are now, long-term bearish on bonds. To that end, we held a short call-spread risk-reversal on TLT, the ETF that tracks the performance of US Treasury bonds that have a maturity of 20 years or more. We initiated this suggestion back in 20-December-2017. This trade has worked nicely for us, but recent price action has us concerned.
