Bond Market did trade up/hold its recent gains as per the analysis. The intraday trading was whipped around by the ES, which becomes the market’s focus after the news hits the wires. Once again the news was a disappointment for those looking for economic growth. I expect the economic growth news to continue to come in below expectations as it does when an economy is contracting. Not much in the way of new news on tap today w/revised Michigan Sentiment forecast at 82.5. Should have negligible impact. Down to OVN earnings and their impact on the ES. If the ES is higher, the Bond should sell, but probably won’t break. Want to buy into early weakness and see if 114-05 can be taken out. If it holds, would expect the market to fill in volume between 113-15 and 113-30. Will be trading w/one eye on the ES.
C. Cochran
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