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Wednesday, March 29, 2006
T-bonds
Here is a 15 minute bar chart showing regular hours trading in the June T-bond futures.
Yesterday after the Fed announcement I said that the breakout to new lows below 109-31 looked like a fakeout to me. If I was to be right about that the market should have recovered this morning and stayed above yesterday's low at 109-27.
Instead the bonds dropped below 109-27 and and are maintaining the pace of the downmove on continuing high volume. I think this means that the June bonds will not move substantially above 110 before they drop to 108-16.
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