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Chart of the Day
GMTT Chart of the Day – US 30 Year Bond
US 30 Year Bond (JUN)
Yields on U.S. Treasuries have surged to their highest level in more than a year from record lows hit in 2020, as Federal Reserve commitments to hold rates near zero for years to come encouraged investors to bet economic growth and inflation will heat up.
Looking at today’s chart we show the US 30 Year Treasury Bond Price which seemingly reached a tradable low.
This would indicate lower Yields and higher US Bond prices.
At GMTT we already went long last week and the first upside target is 158.03.
The suggested sell stop is at 153.00
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Our View
Tesla, MicroSoft Push S&P 500 To New All-Time Highs
The S&P 500 futures (ESM21:CME) rallied after Friday’s job report came in better than expected but because the markets closed early the futures didn’t get to thoroughly digest the news. After a quiet Sunday night, Globex drifted higher before yesterday’s open and (TSLA) and (MSFT) and (FB) all closed sharply higher.
The ES opened at 4038.75 and wasted no time moving higher with the NQ leading the way. The volumes were low but that made it easy to run buy programs and by 12:36 the ES traded all the way up to 4073.75. After the high, the ES sold off down to 4061.25 just after 3:00 when the MIM showed over $900 million to sell. After a small rally, the futures down ticked again as the MIM went out to over $1.8 billion to sell. At 3:50 the imbalance showed $2.4 billion to sell.
In terms of the ES’ overall tone, it was firm all day. In terms of the day’s overall trade, volume was low at 1 million contracts. The ES settled at 4068.00, up 58 points or +1.5% on the day.
In our view, I am aggravated at myself. The first part is I never should have sold out my last ES long Friday morning and the other part is I never should have said sell yesterday’s open or the early rallies and buy the pullbacks because there were no early pullbacks. Why were there no pullbacks? Because the government is printing more money than we have ever seen!! Our lean, I know by excluding the sell the early rallies will bite me in the ass but the trend is your friend, buy the pullbacks. I know people are talking about ES 4200 but I think it’s going to 4600.
Danny Riley is a 39-year veteran of the CME trading floor. He ran one of the largest S&P desks on the floor of the CME Group since 1985.
As always, please use protective buy and sell stops when trading futures and options.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Decisions to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
