He added, "They are better off waiting for a confirmed bottom on the long end of the market."

The long end of the market is in good shape technically.

Let the long ends hang down, and pull them from behind.

This, in turn, is putting pressure on the longer end of the market, he believes.

So why does he think the rally at the long end of the bond market is over?

"The long end of the market is higher than where I thought it would be months ago."

That demand has kept the long end of the market in a technically strong position for many months.

On the long end, something in the 100-150mm equivalent range is pretty standard.

"The action has been on the long end of the market since Clinton was elected."

As a result, both the long and short end of the Treasury market advanced.