Bonds Consolidating Gains
After extending nearly one point to contract highs yesterday, T-bonds
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PowerRating) are retracing to test the breakout level in the 107-even to 107 4/32 area. Bonds remain a momentum market and the 107-even area is a 38% retracement of its recent swing (see last night’s Nightly Futures Report).
Momentum in Dec. wheat
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PowerRating) is following through after yesterday’s outside day and close on the top of the handle of a cup and handle.
The yen
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PowerRating) tested .8193 yesterday on a flight out of dollar assets when durable goods imploded and there was 10-year high in weekly jobless claims. But today there is no follow through and the test of yesterday’s push is resulting in lower highs and lower lows. Watch for the yen to test to contract lows.