Looking at the June 10-year, we see a high of 132-03 and a low of 131-00 and currently the market is at 131.065, down 28 ticks on the day. The yield on the note hit a yearly high this morning of 1.754, this was after Chairman Powell reiterated yesterday that rates will be kept at zero for an extended period and the Fed does not mind if inflation shoots over the 2% level. The problem the central bank is facing is that the market leads fiscal policy and the market is clearly telling us that rates are on the rise. The next big level to watch in the 10-year note yield is 2%. If it breaches this level, that will surly put a damper on stocks. The fed also is cornered now because of the improving economy and the mass opening that we are seeing across the US. Along with the improving economy, fiscal stimulus, and unlimited printing of money, the market is trading like inflation is already here. In my opinion, the fed is stuck and boxed in. Looking at technicals, I see support in the June 10-year note at 103-10 and resistance near 132-05-15. Preferred trading strategy is to sell rallies.