Just a quick update to this morning's bond and note post.
The hourly charts for the bonds and 10 year notes you see above are updated through today's close. During the day the yield curve steepened visibly (i.e. the notes went up more than in proportion to the bonds). Consequently it is now likely that we saw the top of the bonds this morning at the 1/2 point of their box at 107-07 and that the notes will also stop at the 1/2 point of their box at 113-03. My best guess is that the upcoming reaction will carry both markets down to the 1/2 point of the next lower box.
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