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August 10th, 2012
Treasury prices ranged up sharply today but initially the trade wasn’t able to hold all of the upside action. However, ongoing weakness in US equities and weakness in a host of physical commodity prices generally seemed to provide the bulls with an edge in the trade today. It would seem like the trade came to the end of the trading week with general expectations of more slowing evidence directly ahead and that was primarily the result of sagging Chinese export figures for the month of July. It is also possible that Treasuries saw a measure of technical short covering buying today, as the magnitude of the slide from the late July highs, probably put some classic technical measures into an overdone status.
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