Here is an hourly chart of the December t-bond futures.
The market has been hit with a lot of bad news over the past few weeks and traders have been adjusting their expectations in the directions of Fed rate increases for the forseeable future.
In the face of this the market has become dead dull at the bottom of a 4 1/2 month, 7 point decline from the early June high. I think this is a bullish development and the harbringer of a rally into the 121-123 zone.
1 comment:
carl, i have been reading your blog for last 2 months. i like your analysis..but i was wondering about what you said in one of your posts a week ago. you had said that the lowest you were looking S&P to go was 1167..now you have changed your view to 1159. What has changed your view on that?
also, i was wondering what are the chances of S&P seeing 1142(the april lows)? do you believe it could go as low as 1142?
thanks for your comment.
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