He made his point using Friday's stellar jobs number.
As PTJ pointed out, it was some of the strongest data the U.S. has seen since 2007. It sent every signal to sell bonds.
But if you would've done that, you'd be in trouble. By the end of the day bonds had rallied.
"What is obvious is obviously wrong," was PTJ's takeaway. He added, "The message to all bond bears is wait until you see the whites of their eyes, before you sell fixed income," he said.
Now he looks at a bunch of different models from all over the world and tries to make connections by taking them all into consideration.
"A lot of times you look at the fundamentals and they show you one hand... but it reality there are two hands."
Right now the hands are saying "sometime late summer English bonds are probably a decent sale."
Get that tattooed somewhere.