Can't get worse. Bond traders see relief rally

Bond traders at CME Group
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The shocking drop in Treasuries over the last five days has reached such an extreme point that statistical and technical analysis point to a relief rally ahead, traders said.

The iShares 20+ Years Treasury Bond ETF "is at one of the most oversold points in our capitulation model in the last two years," said Larry McDonald, head of U.S. strategy, Macro Group, at Societe Generale in New York.