Here are updated hourly charts for the December t-bond and 10 year note futures.
I remain very bullish on both markets. I think the bonds are headed up to 121-123 and the notes to 116.
On the charts you can see that both markets dropped to the bottom of a box early this week after a big rally had interrupted the drop from the post Katrina high. That rally was an early sign of support coming into the market as is evidenced by the subsequent modest penetration of the low which preceeded the rally.
I think both markets will hold the lows made a few days ago and are about to start a big advance.
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