Be alerted when Mike posts an article
My near and medium-term work both indicate that the sharp correction from the 12/28 high at 50.65 to yesterday’s low at 49.15 in the ProShares UltraShort 20+ Year Treasury Bond ETF (NYSE: TBT) has the right look of a completed correction within the larger, dominant uptrend off of the 11/30 low at 44.26. If my work proves accurate, then the TBTs have started a new upleg today and should be heading for a test and hurdle of 50.65 on the way to 52.50-54.50 thereafter. Could such an upmove coincide with a reaction to Friday’s Employment Report for December? Definitely. Friday could be a defining moment for the long end of the bond market -- and the TBTs.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
