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The big question is whether or not Tuesday's spike to 91.28 (during the "mini-crash" in the equity markets) represented the end of the upleg off of the 1/29 low at 86.60. Although I can make a case that my near-term work points a bit lower, my intermediate-term work is so constructive that I have to expect the TLTs to pull back and consolidate above 89 in the upcoming hours ahead of another upleg that will confront and hurdle the December high -- on the way to 94-95 thereafter.
Why? A confluence of forces could be at work -- - weakening U.S. economy, flight to safety considerations in a deteriorating equity environment, and ongoing credit risks (subprime disease). All of these could be impacting the 10-30 year Treasuries.
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!
