Morning Corner 3.9.11

Posted by AmenRa on Wednesday, March 9, 2011 /
10yr T-Note (weekly info)
-no change (below mid)
trend=no
direction=up (1 bar)
high= 120.250
rev= 118.500; mid= 119.375


Last week was a bearish engulfing in a downtrend. Doesn't exactly make it a reversal when it's with the trend. Currently it's trading below its weekly 3LB reversal (down) price so the auction may have a tail (spike in yields). But it's now solidly below its SMA(55) and quickly approaching SMA(89). That gives and a spike in yields may be the least of the US worries.



30yr T-Bond (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 120.125
rev= 116.281; mid= 118.203


Unlike the 10yr Note the 30yr seems to be decent. It's not below its weekly 3LB mid. It's not below its 50% retrace (117.945). It's been below its SMA(55) for a few weeks and is now getting below its SMA(13) this week. Not expecting too much in yield movement at the auction this week. But that could change if the auction is weak.



TED Spread

Held the upper trend line and is back above its weekly 3LB mid. Euro troubles are bubbling back to the surface.

205 comments:

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karen said...

i was just counting distribution days on JNK chart when these tweet appeared:

http://www.optionmonster.com/news/article.php?page=commentary/in_the_news/trades_turn_bearish_on_junkbond_fund_54709.html

March 9, 2011 at 4:03 PM
I-Man said...

I forgot that the equity futures roll tomorrow... that could have had a lot to do with the annoying nature of todays tape.

March 9, 2011 at 4:04 PM
karen said...

Molycorp Shares Up 4.1% After Hours On 4Q Results

March 9, 2011 at 4:13 PM
karen said...

short interest was 12.7% of float so probably down tomorrow..

Rare-earth mining company Molycorp Inc.'s (MCP) fourth-quarter loss narrowed due to higher sales volume and significantly higher rare-earth prices, trends that led the company to report a surprise adjusted profit.

The company, which was formed in 2008 to purchase a California mine from Chevron Corp. (CVX), went public last summer and produces rare-earth elements such as lanthanum and didymium. Rare-earth is a category of metal ores vital for environmentally friendly technologies, including hybrid cars and wind turbines. Prices have increased after China, which controls about 95% of the world's rare-earth supply, said it would slash exports of the metals by 35% this year.

March 9, 2011 at 4:18 PM
karen said...

okay that's it for me--beach now, pilates after--back this evening for The Corner.

March 9, 2011 at 4:19 PM
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