To gain an edge, this is what you need to know today. Bonds Defy ExpectationsPlease click here for an enlarged chart of 20+ year Treasury bond ETF (NASDAQ:TLT). Note the following: Long bonds are defying expectations in the market.The chart shows when the Fed cut interest rates by 50 bps. At that time, TLT had shown a technical breakout. The expectations were for TLT to go higher.The chart shows the contrary Arora call that TLT would likely go down.We recently wrote:In The Arora Report analysis, if it was not for the Middle East conflict escalation, TLT would have already fallen into the top s…