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Technical analysis: US Ten Year Note Future
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US TNote Future – Dec 2009
Tue, Oct 13 2009, 07:45 GMT
by Nicole Elliott
Comment: Yields on long-dated US Treasuries backed up by more than many others, ten-year benchmark ones struggling with the 3.00% level (2003’s low) while thirty-year toys with the psychological 4.00% (low 2003 and again in 2005). Price action in this futures contract has been very neat and looks like a classic version of stepping higher followed by consolidation. Trendline support and the 26-day moving average might help it up today, and the Lagging Span ought to get some support from September’s candlesticks; the rising Ichimoku ‘cloud’ should also help to nudge it up through to delivery. Momentum is bullish and it is not overbought, the yield curve very steep by historical standards. Many fear bond yields are too low, especially considering ballooning deficits, but perhaps they are forgetting that banks have to improve both the quantity and quality of capital held. We continue to favour another leg higher to the 121.24 area.
Strategy: Buy at 118.17; stop below 118.00. Add to longs on a daily close above 120.00 for 121.24 short term and 123.00/123.16 further out.
Published on Tue, Oct 13 2009, 07:47 GMT
Archive
- US TNote Future – Dec 2009
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Mizuho Corporate Bank
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http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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