Treasuries had a big day ...

... while stocks pared losses as the day went on.  The long end of the yield curve is obviously still spooked by events in Europe while the Two Year Note has been anchored at .215% for the last three trading days. 

But for all the nervousness we can see on the chart of TLT (iShares Barclays 20+ Year Treasury Bond ETF) that prices are still within a well formed triangle.  We'll see which way it breaks out but I'm betting that we've seen the bottom on rates and all the angst over Europe is overblown at this point.  We'll need a breakout of the triangle to the upside and a close above the intraday high 123.62 set on December 19th to change my mind.   We shall see ...