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Earl Adamy wrote:
>
> Think you are right - we've been holding nicely all morning and moving up
> slowly. On the 5 minute chart, the break of the 117^20 double bottom by one
> tick and immediate reversal was an opportunity to nibble on long side,
> however wouldn't take much to bust the trade. 118^03 looks like a good bet
> and 118^29 is not out of question. I think the rest of the financials and
> currencies are iffy until we get a trend in bonds so might as well
> concentrate on bonds.
>
> Earl
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I agree in that the general activity above the 117-21 Daily Pivot has
bullish implications (attached chart), but the market seems to be
having trouble breaking through the psychologically important 5.875%
yield barrier.
Although nothing definitive can be read from the 3EMA-10EMA
Oscillator, the last swing pivot occurred on an increase in downward
momentum, implying further downside. I think we're stuck here until
either the 117-31 barrier can be broken to the topside, or the 117-21
Daily Pivot level can be broken to the downside. We shall see!
Bob Hunt
E-Mail: RHunt.066@xxxxxxxxxxxxxxxx
Web Site: http://home.att.net/~rhunt.066
Attachment Converted: "c:\eudora\attach\USM9-05.gif"
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