Comments: Bonds: Let’s just focus on where the moves could come from: above 148.31 targets 149.27; below 146.28 targets 146.13; weakest if there is follow-thru at 146.05. 10s: The market will LOSE some sell pressure above 132.20 – but the bulls really need 132.26. Weakness – especially thru 132.005 – seeks 131.18. 5s: Trade thru 25_7 targets 123.10; upside the bulls need 124.10. SPs: Market WANTS to bounce but if the lows get taken out we need to favor a test of 1395. If the bulls do NOT step in there trade could get VERY ugly.1384.50 is the “meltdown” level. Upside, bull control of 16.50 is slightly bullish; bulls do best above 34.75.
|
DEC BONDS |
DEC 10s |
DEC 5s |
|
149.27* |
133.23 target |
124.17_2 pivotal |
|
148.31 pivotal |
133.085* |
124.10 pivotal |
|
148.20 watch |
133.005* |
124.04* PIVOT |
|
148.05* |
132.26 pivotal |
123.25_7 lows |
|
147.22* |
132.20 pivotal |
123.19 pivotal |
|
147.08* PIVOT |
132.15 PIVOT |
123.10 target |
|
146.28 pivotal |
132.085* |
|
|
146.13 pivotal |
132.005 pivotal |
|
|
146.05 watch |
131.25 |
|
|
145.30 |
131.18 pivotal |
|
|
145.17 145.01
|
131.11 pivotal |
|
|
DEC SP500 |
|
1441.50* 1434.75 pivotal |
|
1426.00* |
|
1416.50 watch |
|
1406.00 PIVOT |
|
1401.70 lows |
|
1395.00 watch |
|
1386.50* |
|
1384.50 pivotal 1378.50 short below |
|
1369.50 target |
Economic Calendar (all times Central) Expected Last
7:30 Durables 6.9 -13.2
Initial Claims 370 388
9:00 Pending Home Sales 2.0 -2.6
noon 7YR Auction
