Bonds Acting Better as Spoos Remain Under Pressure
by AL MARTIN (INSIDER INTELLIGENCE)
(8-25-13) We saw a continuing good lift off the recent lows in the Sep. Long Bond contract, as the 30-year cash bonds got turned back from the 3.93% yield handle.
We saw substantial buying in the cash 30s, when yields rose above 3.90%, giving traders some idea where demand is in the instruments. Bonds have now had more than a 2-handle lift off of recent lows.
We would look to potentially short the Bonds on moves above 132.08.
The Sep. Dollar Index continues to languish in the 81.20-40 area. However with the Euros likely to continue to be under pressure, we think this continues to be an attractive trade from the long side.
The Nov. Crude Oil -- also continuing to see resistance at the 106.50 and better area. We continue to sell the Crude Oil on rallies above 106.50, covering on $1-2 dips.
The Dec. Gold contract did break out in Friday's trade. We had our 1382 buy stops hit when we cleared resistance there. The Gold is good up for a cap of 1400 which is just what happened.
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