Cup & Handle Breaks, Intervention Fails, Tone Shifts Fast: The Big Picture Is Coming Together

Well, that didn’t take long. I covered quite a lot with regard to the U.S. Treasury’s intervention at the long end Wednesday; some version of variation of operation Twist and QE-Lite. While the bond market reacted strongly Wednesday, there were hints that the bailout wasn’t received well by the market, such as a poor 20-yr…