Here is a daily chart of the March 2006 three month eurodollar contract. The bottom of the current bear market box stands at 95.73 but I don't think the market will make it even that low before rallying to the top of the box near 96.20.
Evidently traders who were convinced that there would be a " Katrina " pause in the Fed's program of raising short term rates have had second thoughts. But I think they are the yo-yo at the end of the market's string and will soon be reeled in by the next rally.
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