Adjusted on: 6/9 30-Year Bond: Because Monday’s trade was so stubborn on the lows I set the pivot at 135.06 – we need the
bears to show us at least something…the key is to see WHO controls 134.09. Upside, trade thru 135.28 will be a bit more
bullish – looking for a test of 136.09.
10-Year Treasury Note: Weakness targets 123.02; 123.02 is a significant level and faders can rely on 122.31 for help. Upside, the bulls can add above 124.225.
5-Year Treasury Notes: The upside should be a real grind; 119.12 will not be an easy level to trade but it’s what the bulls need to state their case that they successfully held yesterday’s 118.305. (They can then go after 119.26). WHO controls this pivot is THE key – and weakness will go after at least
118.20.
S&P500 Stock Index: Like yesterday’s letter, we’re still dealing with a significant pivot that COULD be a top…if the
bulls take it out tho, we need to look for 1982. If the bears HOLD the pivot they can do REAL well below 1935.50 – be careful
getting caught long below there.
