Are markets unprepared for a big rally in Treasury prices, asks Paul Day. JPMorgan's Treasury...

|By:, SA News Editor

Are markets unprepared for a big rally in Treasury prices, asks Paul Day. JPMorgan's Treasury Client Survey shows the highest level of shorts since June 2011 - right around the time Treasury prices began a sharp advance. TLT -3.4%, TBT +6.2% YTD.