Bonds Resist

• August 1, 2001
• Marc Dupee

T-bond futures
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new highs in this market following today’s National Association of
Purchasing Management report. Although the NAPM eased lower, it still came
in at the low end of expectations. 

T-bond futures rallied after gapping down on the open but hit overhead
resistance at a point specified in Levels From The Bond Pit. 

The proclamation that the “worst may be over” for the
semiconductor industry from Merrill Lynch, is spurring a rally in
semiconductors and
Nasdaq 100 futures
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PowerRating). Semis
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contract is currently trading on its high of the session. 

From the Pullback
From Lows List, orange
juice
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short. This is the fifth straight down day. Notice the double tops and the
outside-day down on July 26 that was followed by a gap down, asserting
downside momentum.  

In the currencies, Canadian dollars
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a gap-up to new highs is meeting immediate selling as
euro FX futures
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Swiss francs
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