Be alerted when Mike posts an article
As we discussed with subscribers last evening, the iShares 20+ Year Treasury Bond ETF (NYSE: TLT) looked like they were in a high-level consolidation ahead of a thrust to the upside, which is exactly what has transpired so far here today, likely in reaction to disappointing data on initial Jobless Claims ahead of tomorrow’s monthly Employment Report. The fact that the stock market is getting hammered today, the first session of October, probably is sending some dollars into Treasuries as well. My pattern work argues for additional strength into the 100.20/50 area in the upcoming hours (which may include tomorrow’s reaction to the Employment Report). Only a decline that breaks 98.40 will begin to compromise the current bullish outlook.
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!
