Here's a link to Mark Hulbert's latest column on Money Watch. Mark observes that the bond market timers he follows are now essentially neutral on the market. Back in late March when the bond futures were trading at 109 and the 10 year note futures at 107-26 these same timers were looking for much lower prices and were (as a group) dead wrong in this expectation.
The question now is whether their current neutral position conveys any information about the markets' likely direction over the next couple of months. Mark thinks that it is basically a bullish piece of information and thinks that the timers were show a much more bullish attitude near the top than they do now.
I happen to agree with Mark's prognosis as readers of this blog know. I think the bond futures will get up above 120 and the note futures will reach116 before this upmove turns around. My forecasts are based on purely technical, market based considerations. Still, it is reassuring to see that bullish sentiment has still not taken a firm hold.
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