The 10-year Treasury YIELD has plunged from 2.57% to 2.47% this morning in the aftermath of another round of weak mortgage applications, data that reinforces very tepid growth of the U.S. economy.
This is probably among other triggers, such as fears of deflation, China's continuing slowdown, ECB easing, or buying through proxies.
That said, however, one thing remains apparent: Treasuries are still being squeezed.
Where to next?
Right now, all roads point to 2.44%-2.40% to test the June, 2013, upside breakout from the prior base pattern.