Here is a chart of the Dow Jones Inustrial Index. We have had a substantial rally off the recent lows. Notice the graph below, which is the 30 yr Treasury Bond. This market has been very weak in recent months.
In general, big stock rallies do not come from formations like this. I know, well "it is different this time because, blah, blah, blah......." It could be, and we could see this carry up a bit. The commercials are long the market at this point.
However, as I describe in the recent newsletter, there are a few fly's in the ointment here. I do expect a buy point later in the year to develop, for now it is cash for me in stocks.