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Below is a portion of a private message that I sent another RT member
today. Since the question has been posed, I thought it might be
appropriate for other list members too.
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I think the bonds are poised for a very significant breakout move.
We've had several very narrow range days in a row. This is typically a
precursor to big moves.
My guess??? for direction would be up, due to the way its held ground
while the S&P futures have moved up within the past few days
(typically they've been moving inversely lately), but I'll let the
market tell me with a significant breakout of the prior day high or
low. Another clue is the fact that the 7 period %K on 200 min. bars is
approaching a low point, with a swing higher likely (see attached
chart).
Normally I would have been in a sell mode the past couple of days (due
to the downturn in 7 period %K on 200 min. bars), but the market has
just
not been able to gain ground on the downside, while the S&P has been
very strong. This is very unusual, and reveals some hidden strength
underlying bonds.
We shall see.
Bob Hunt
Attachment Converted: "c:\eudora\attach\US_200.gif"
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