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Tuesday, October 18, 2005
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.