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Well, the t-bond turn I expected on January 12 (RT# 25872) didn't
happen. This changes the short term picture for me. I now think the
bond futures will trend gradually higher until early February and
then break to the 107 (?) level. My 2005 bond forecast calls for the
year's high in August of this year but at a level below the 2003 top.
Here are my square of 9 calculations for an early February high:
January 31 is 176 trading days (0 degrees) from the May '04 low.
February 2 is 264 calendar days (180 degrees) from the May '04 low.
February 8 is 410 trading days (180 degrees)from the June '03 top.
Average projected top date: February 3.
As to price:
115-26 is 410 ticks(180 degrees) above the 103-02 low of May '04.
115-26 is 233 ticks (0 degrees) below the 123-03 high of June '03.
Carl
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