Bond sentiment is now near where it made its last low in price, high in yield. So, with so few bulls left, the short term top may have arrived.
Yields off a tad this AM, data does not suggest a swift reversal, but there is tons of room to retrace some of the recent gains in yields, IMHO
Top of dowtrend channel is right here, so again given sentiment, a breach of this channel seems unlikely. ONE misnoamer would be CHILLY reception of the 5 yr auction I posted this AM.
So, it just doesn't get to easy, conflicting feelings, one waning bullish sentiment, and luke warm foreign purchasing of the auction of debt, which could lead to a calamity.
That's the picture as I see it. AM's data shows without Auto's (last month giveaway) consumers may be slowing at the buffet.
D
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment