With inflation lower, SPY can go higher and VIX lower. However, Yellin talked about Fed who should have risen rates sooner in 2004-2006.  Q2 will be stronger GDP wise than Q1 so July Fed Meeting is also possible.  Again wait and see until after Fed Meeting July 29 to see if announcement comes.

July 31 or Aug 3 could also be TLT entry points if that happens…

With inflation falling, can’t take a chance on TLT at this time until after Fed Meeting.