The IEF is the ETF representing the middle of the Treasury yield curve (7/10 years). As the TLT did a few months ago, the IEF hit 3 full standard deviations from its 21 month moving average in late January of 2015 and has been downhill since. Again with bonds the speed of the movement is extremely important and at extremes both below or above its 21 month simple moving average, these instruments present compelling intermediate term opportunities. Below is a Monthly period chart of the IEF. We are presently at a long term trend line support level.