Today’s employment report, BLS report here, weighed on interest rates. The 10 Yr Treasury closed at 3.44%, after being as low as 3.29% on Wednesday. Yields on the Treasuries may have put in an important short term low on Wednesday. Testing the July low in yields (3.26%), but failing to break below the July low in yield. Not a great sign at this point. I would submit that incrementally moving into a hedge against higher rates makes sense right now, see TBT at at 47.70 close….Technically, the 10 Yr T note is at the bottom of the Rsi range, closing at 35.03 on Wed, not below the official oversold point at 30.00, but it marks a divergence with the July lows. Higher low in price, lower low in momentum.
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