- US10YY now at 2.87% = fresh lows of current down move. [on Bernanke testimony to Senate].
- On all my chart time frames, the picture is that of a strong downtrend in motion. Double top objective of 2.20% remains a distinct possibility. Using the bodies of the candlesticks, a more conservative DT target is 2.56%.
- Additional TYU0 stop-in order triggered (in tiny size) at 123-21 last night; does not alter average in-rate too much. Trade done in keeping with practice here of always going with new price extremes.
- Reminder to self not going to get careless and greedy, given the hits taken here by the unusually high number of failed trend signals these past months. (What is obvious is obviously wrong! - is what they used to tell me when I was a trainee).
2 comments:
Bernanke : "Of course, even as the Federal Reserve continues prudent planning for the ultimate withdrawal of extraordinary monetary policy accommodation, we also recognize that the economic outlook remains unusually uncertain. We will continue to carefully assess ongoing financial and economic developments, and we remain prepared to take further policy actions as needed to foster a return to full utilization of our nation's productive potential in a context of price stability."
As feared, no follow thru buying on break of 2.88% and trading back up at 2.98%. Fortunately, buy stop at 123-21 in single lot and did not alter average cost too much. Bigger picture still negative for yields. Was right to avoid over-committing in long TY. This recent price action = brace for a longer wait for trade to perform.
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