HIGHER HIGHS GOOD FOR BULLS

Ali Cagdas Tuna Futures TraderAbout Ali Cagdas Tuna

Ali Cagdas Tuna is a futures and options trader based in Turkey, currently employed at Alp Consultancy. He has been trading since 2005 and during that time has had the opportunity to work with multiple CTAs.

March 28th, 2012

 

‘June T-Bonds (ZBM2) settled at 138*10 up only *21 ticks.Total estimated volume has been 286.069 and open interest up slightly to 571.138

ZBM2 traded higher all day.Bulls were in control.Break over last week’s high was important and that lead rally to as high as 138*18.We’re seeing dramatic decrease in volume across the board for all major futures markets.Despite being in the month&quarter end we’re not seeing any kind of position balancing so far.Economic calendar not so busy as yesterday.2 Year Note Auction was pretty succesful yesterday with b/c 3.69(previous:3.54).There is 5 Year Note Auction today.

Economic Events

Durable Goods Orders at 07:30 (Exp:2.9% Prev: -4.0%)
Speakers

James Bullard(St. Louis Federal Reserve Bank President) Speaks at Tsinghua University in Beijing at 8:00 pm

Auctions

Fed’s Outright Treasury Coupon Purchase May’20 – Feb’22 (USD 4.50-5.25bln) USD
USD 35bln 5-year Note Auction at 12:00
Technically ZBM2 making higher lows higher highs which is bullish though tested first target price of 138*16.Bonds trading lower at 138*01 as of 06:35.Support levels today 137*30 and 137*20 .Resistance levels 138*16 and 138*22 and 139*03.

30 Year Treasury Bond Futures Chart

30 Year Treasury Bond Futures Chart

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