In a post earlier today I said that the T-bonds and 10 Year Notes had both reached their staircase targets for the reaction down from the June 3 highs and that both markets should be headed upward.
In the event there was a little more downside action than I expected but both markets have bounced off the bottom of a price box. The bonds should rally at least a box (46 ticks) from their lows but will probably go up more to 119-00 or so. The notes should rally a box (39 ticks) from their lows.
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