Financials: Mar. Bonds are curretly 3 higher at 145'09 and the 10 Yr. Notes 2 higher at 131'29.5. Nothing much to report on the fundamentals this morning as the market awaits tomorrow's Weekly Initial Jobless Claims and Capacity Utilization reports. If you remain long Bonds from the 144'20 area either take profits or raise your protective sell stop to the 144'30 level from the 144'08 level. As mentioned in an earlier Report (Jan. 4th) I feel that the long term trend has turned down and I will be looking to sell sharp rallies above the 146'20 level if the market allows. One of the indicators I use for long term trades is the 200 moving day average for lead month contracts. This average is currently at 147'25 and was penetrated to the downside with the Dec. 31st close of 147'16.
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