2.5 hours have passed...validating 133-24 as the days high mode, and invalidating the theory that large levered buying below the market will propel bonds to a new trend. So, what does that mean? It means that, for now, 133-24 should reign in market volatility at least one more time (so long as stocks don't implode below 1388). This would make for a healthy 16 tick range in ZN if it happens.
2nd day in a row 133-24 has asserted itself...will there be a 3rd? Tune in at 11....
Given today's lack of enthusiasm and dull summer volumes..this might be a trade best expressed during the overnight session. Looks like i might be taking some Ambian in a couple hours, so I can be awake for the night session. Who says traders don't make sacrifices??
govttrader out....
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