As highlighted on the chart below, the 10-year yield has been in a down channel since hitting 4.62% on May 22. If Gross is correct (repost below) and the 10-year yield rises to 4.25% in the short-term, it will exceed its 4.20% "lower high" in late September and mark the first "higher high" in six months. Should a "higher high" happen, that would mean the highlighted downtrend ended on October 17 at 3.93%. As I write, the 10-year is trading at 4.09%, up 11 basis points from yesterday afternoon and 11 basis points from a "higher high." So, halfway there in less than one day.(Jim Bianco)