Thursday, August 10, 2006


Here is an hourly chart showing regular hours trading in the September T-bond futures. I last commented on this market here.

I think the reactions which I thought would end near 108-04 ended today at 108-08. It has a clear three phase structure and was only 4 ticks shorter than the previous reaction from 107-25 to 106-09.

The market should now rally to 110-00 and eventually at least to 110-16 before any substantial break develops.

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