The Day Ahead: PM Edition 2019-07-11

Bonds fell away from the daily moving averages as expected today. I’m treating this move as a tiny wave three and hence prefer that it reach for the lower targets of 152^04 or 151^17 before much of a bounce. Bond bears want prices to remain under 154^04 on any small bounce.

The Day Ahead: PM Edition 2019-07-09

As I type, bonds are starting to drop under the moving averages. Next step is to push toward 154^04. I wouldn’t be shocked to see a bounce to test the moving averages from underneath before moving too much lower.