joe: philip lane, irish central bank governor, thank you for coming on.arlet: coming up, the chart that you can't miss. this is bloomberg. ♪ scarlet: i am scarlet fu. what'd you miss? bears reemerging in a big way in treasuries. they have turned out right bearish on treasury bond futures hedge funds and other large speculators, net short. this is the first time it has happened going all the way to february. gotourse, we know the bears burned last week after they reduced protection for the future path of rate hikes at that -- and that sent yields lower. joe: so the yields actually fell-- scarlet: can't get the timing right. of: i'm looking at a chart metals and mining stocks. etfmple ratio, the mining relative to the spdr, s&p 500. metals and mining stocks are underperforming. what is starting to see signs of a breakout, the trendline, could be significant. the index has hit it a couple of times and is hovering around there right now. keep an eye on this chart. 3796. watch it every day to see if it breaks out. a be the commodity comeback -- maybe the commo