The secret signs the bond sell-off might be ending

As the U.S. bond market firmed Thursday and the iShares 20+ Year Treasury Bond ETF (TLT) posted its best intraday rally in at least a month, some less notable but equally important action for bond bulls happened in two corners of the options market. In equities, about an hour after the opening bell on Thursday, a string of options bets in the State Street Utilities Select Sector SPDR ETF (XLU) sent options volume in the fund to 10 times the 30-day average, according to CBOE LiveVol data and SpotGamma. It centered around a $1 million trade betting that the group stops going down or even rallies.