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As we look at the June 10-year note we have a high of 139-17 and a low of 128-31 and are currently trading at 139-11. The notes are under some pressure today due to stock near their high, with Dow futures up 440 and the S&P up 55. We are also seeing crude oil climb nearly $3 in the June contract. Positive vibes from stocks and energies are taking a bite out of prices in the note complex. Going forward, I think we may be seeing a top in notes due to all the stimulus provided by the central banks to aid failing economies. The consequences of this stimulus is that inflation will come much sooner than anticipated making treasuries less desirable. Going forward, traders should be keyed on even more stimulus, a lower dollar and lower prices for T-notes.
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