Notes and Bonds

The market is getting destroyed...

the selling started Friday afternoon after a brief bounce for month end marks. The carnage continued into the Holiday weekend and picked up steam this morning. The data was "OK enough" to shift into burn mode. The key for us is the pattern just turned negative into the Friday close. The market has meandered around the + side of the pattern for 10s and Classics since July 5th ! A rapid move into the downside objectives 122 and 128.08 dec, respectively, before Employment data could be developing. We will be happy to see this Summer pattern go-AND- the probability of the next pattern fulfilling in a single session has risen dramatically.

Leave a Reply

Your email address will not be published. Required fields are marked *