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Attached might shed some light on the subject of bonds in intermediate term
basis.
On a short term basis it appears that we have completed w.1 through w.3, are
currently correcting in w.4 and should then have another impulse wave up to
complete w.5. This could be either a w.A or w.1. Based on my weekly charts,
I expect that this will turn out to be a w.A which should be followed by a
w.B decline, w.C rally and then a resumption of the decline in bond prices
to complete a w.5 decline on the weekly charts.
One wants to keep an eye on both copper and oil for any signs of slowing
economic demand which might confirm that a bottom is complete in bonds. As
long as copper holds above the 74 area, the current decline should be viewed
as corrective to be followed by continued increases in prices.
Earl
Attachment Converted: "c:\eudora\attach\2YRFF.gif"
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