T-bonds

Here is an hourly chart of pit trading in the December T-bond futures. I last commented on this market here.

I believe the market has started a drop that will carry it down into the 106-107 zone over the next few weeks. So far it looks like the decline will be controlled by boxes which are 42 ticks high as I have drawn on the chart.

Once the market makes a low in the 106-107 range I expect it to move up to 115 or so.