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It seems to me that interest rates are probably reaching a short-term high (and, therefore, resulting in forthcoming bond strength). Here are rates for ten-year notes (which, strangely, come across the data feed at time times their value; 22.00 is really 2.2, for instance)
I’m going to be taking a careful look at bonds today but first I’ll look at the position on SPX after yesterday’s retest of broken triangle support.
On the SPX daily chart we saw a bounce to test the daily middle bollinger band and then a reversal to retest the broken rising wedge resistance trendline from 2011 that has been holding as support this week. It’s worth noting that yesterday’s low was only four points above the daily lower bollinger band so I’m counting that as a technical hit and we could well see a bounce from that hit of a key technical support level. SPX daily chart: (more…)
Bonds had their biggest drop in 19 months yesterday, but I wouldn’t be surprised to see bonds rally some from here; interest rates have gone very far, very fast, and are approaching what I consider to be an important resistance trendline. (more…)
Sometimes it just isn’t your day. I just spent an hour writing a post and selected it to copy it over to Slope of Hope when I hit the wrong key and deleted almost the whole thing irrecoverably (Editor’s Note: I feel your pain! Thank you for doing this twice!). Unusually I have to leave soon and will be out much of the day so I am going to rewrite this as a shorter post as quickly as possible. Excuse the very brief comments. (more…)
Well, bonds are having the kind of steadily collapsing market which makes equity bears like me envious. The ZB has been monkey-spanked all month long…….. (more…)
