The move higher in long term Treasury yields, that I first started to write about on October 15, 2010, is beginning to pick up steam. This can be seen in figure 1, a daily chart of the i-Shares Lehman 20 + year Bond Fund (symbol: TLT).

Figure 1. TLT/ daily

As TLT moves lower, yields move higher. Yesterday, TLT broke below a key support level at 94.65. The next level of support comes in at 89.44.

While higher yields are in our immediate future, equities have not fallen as I would expect them too. Maybe this will be the "next shoe to drop".