Not only has the 10-year, but also the 30-year Treasury bond rate fallen beneath its Triangle trendline and challenging new lows not seen since the February market lows. It, and TNX are due for a Master Cycle low in the next three weeks. There may be a brief bounce in the next 24 hours, but the decline should resume shortly after.

ZeroHedge reports, “After yesterday's barnburner of a 10Y reopening auction, the only cloud on the horizon for today's 30Y reopening auction of Cusip RS9 was that the paper had traded non-special in repo; in fact according to SMRA it was a stable 0.35%.”

The second attempt to fill this morning’s gap between 2115.65 and 2119.12 failed. This is something we haven’t seen since January. While TNX/TYX have been in decline for the past two weeks, SPX is only now starting to catch up. It appears that All of these indexes share a special low due in early July.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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