Looks like we may get another opportunity to dip into some bond action. If at first you don’t succeed try try again. In general I’m seeing very nice price action on the futures side today, so let’s get to it:
The five year continues to coil up and as it’s near a rough rising diagonal I’m playing an hourly Net-Line Buy Level to the upside. Stop below 119 – 1/2R only as the tape is highly volatile.
The other half goes to the ten year bond futures – that keeps gyrating its way higher and seems due for the next leg higher. I am open to the downside here as well but do not like the context below, which tells me that any drop lower will most likely be fast and short lived.
Gold still continuing lower and I’m currently long 1/2R but am expecting to flip on a stop out.
More below the fold for my intrepid subs:
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You have been briefed – now have fun but keep it frosty.