Here are updated hourly charts of pit trading in the September bond and 1o year note futures.
I had been anticipating a reaction of about a box in each market but instead both markets continue to move higher. This show of strength give me even more confidence that the bonds are headed for the 121-123 range and the notes to 116 over the next couple of months.
Right now I think the bonds will begin a reaction of about a box from the top of the current box near 117-30. The notes will probably start their reaction from the 1/2 level of the current box near 112-22.
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