Notes and Bonds Move Higher Again

August 23, 2016 5:36AM CDT

Bonds continue to probe higher after gaining some confidence that the probe late last week to the downside has been soundly rejected. Reports over the weekend that the fed ‘s Fisher speculated on possible September surprise rate hike move didn’t phase the bulls. Neither has an eerily quiet stock market that refuses to rotate down. Nothing in fact seems able to impede buying in coupons as both markets seem to be able to elevate higher. Obviously fears whether or not fed moves in September seems to not matter much as the desperate chase for yields continues unabated. Big upcoming reports due are tomorrow’s PMI manufacturing releases around the globe , Thursday’s U.S. ‘s  durable goods and Friday’s speech from Yellen wrapping up  the Jackson Hole  Wyoming conference. Not sure any of these news points will rock the current grind higher in financial markets as uptrend is very entrenched and regardless of all the upcoming uncertainties including turmoil in European banks and  the U.S. election the trend remains higher. Strong resistance is at previous yield lows of 2.10 in the 30 yr. and 1.34 in the ten year. First resistance in futures at 174 in September bonds and 13308 in ten year notes. As long a grinding type slug higher continues hard to expect a reversal near.

Treasury Notes Daily

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