Remember that long-bond prices peaked 3 months *before* the stock market bottom. In fact bonds made a lower high in March 2009 when the bull market kicked off.
More recently, the rally that began in early 2011 from the Pink long-term support line (marked wave B) is fairly mature. However, a 5th and final wave for bond prices is still on the cards.
Such a rally can be quite sharp and bond prices could spike into the 160s, taking them close to the purple projection line.
Support is at $135 at the green trend-line. Breaking below that would be bearish.
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