Bearish US Treasuries: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- We are bearish US Treasuries and short TYM5 for 124-15/124-00. Now its time to lower the TYM5 trailing stop to 127-29 from 129-02. Key near term support is the 100d in 10yr yields (now 2.121). 

- A closing break above here confirms a resumption of the larger bear trend, targeting 2.347%/2.421%. Pullbacks should not break the 1.953%/1.927%. It's a similarly bearish story for 5yr yields. 

- The completed Bear Flag targets the confluence of long term support between 1.730% and 1.925%. Pullbacks should not break 1.492% and can't likely break 1.413%.