Thursday, September 21, 2006

T-bond Update

Here is an hourly chart of the December T-bond futures. I commented on this market earlier today.

I thought the market would stop near 111-29 which would have been the midpoint of a 42 tick box that was illustrated in the last post on T-bonds. But the market has spent three hours trading above this level. This tells me that there is more to go on the upside. My best guess now is that we shall see a further rally to 112-23 which is the top of a 47 tick box defined by the last three phase correction.

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