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March 9th, 2012
Not surprisingly the Treasury bonds saw a spike down breakout on the charts today and they managed that action in the wake of at least three separate fundamental developments. First of all, Treasuries were undermined because of a tempering of safe haven concerns but it is also possible that renewed talk of easing from China was another element that emboldened the bear camp today. Lastly the Treasury trade was probably pressure somewhat because of the US non farm payroll result and the upward revision in the prior month’s figures. In fact, with some whisper predictions calling for a big downward revision in the prior months non farm payroll result, it is possible that some bears came away from the US data flow today extremely disappointed.
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