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This is just kind of a throwaway post, since I hardly ever mention bonds……….but they sure seem to be just kind of meandering their way into narcolepsy at this point. That triangle has to break sometime soon. Anyway………I’d better focus on Christmas, since we’re hosting tomorrow!
As the global and U.S. equity markets stage a huge recovery rally, 10-year YIELD continues to creep higher– to 2.24% from the Aug 24 low at 1.90%– within a larger-developing bottoming pattern (outlined by the red lines below).
Current strength has propelled YIELD up and out of its near-term digestion (flag) pattern that triggers upside potential to challenge its Jan, 2014, resistance line, now at 2.40%.
Only a break below 2.11% will wreck the developing bullish set-up in YIELD.
Originally published on MPTrader.com.
I’ve been shorting again today, taking advantage of market strength. Here’s a new one:
Last night, driving at 1:30 in the morning with my son to find a place to look at the meteor shower, I was telling him about the magical world of Dennis Gartman. I described the entire Gartman meme over at ZH, and my boy thought it was hilarious.
I pointed out on my Tastytrade show last Thursday that bonds looked poised for a lift-off. Well, once the modest resistance (tinted in green) was breached, it was off to the races. Interest rates seem destined lower (obviously).
