Guess what? The yield chase is still going strong in government bonds.
Long bond futures are up another 23/32 at last check, and testing the CLOSING highs from February’s blow off move. We could see one heck of a breakout to the upside here if this move doesn’t reverse soon. It will be interesting to see what happens because this is a Friday, meaning we’ll have a weekly close for the technical traders to either chase or fade.
As for stocks, they’ve been trying to ignore the bond strength for a while now. But obviously, that “head in the sand” approach isn’t working so far today.
