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Treasury Volatility and its Comparison to 2008

I've mentioned most recently that the fast moves we've seen recently in equities was nowhere near 2008 levels. And while volatility still continued to rise, we're still nowhere near the actual vol levels seen back in the credit crisis.

Unless you look at bonds.

The chart below is of $TLT. We're seeing record low rates as deflation continues to be priced in-- and treasuries, along with gold, are still the "risk-off" trades.

We also have a chart of the 20-day historical volatility as well as the 14-day average true range.

The flight into treasuries, even compared to 2008, has been completely unprecedented. And this asset is supposed to be the boring, slow mover compared to equities and commodities.

by Steven Place

Steven Place is the founder and head trader at