Thursday, February 23, 2006

T-bonds


Here is an hourly chart showing pit trading in the March T-bond futures.

The market has done nothing for the past month but I think this is about to change. My reading of trading sentiment is that there is too much bullishness around to justify the expectation of a solid advance from current levels. So I am looking for a drop to 110-12 which will be briefly interrupted by a rally from the 111-16 level.

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