10 Year Notes—The 10 year note in the June contract is currently trading lower by 4 ticks at 124/09 as I have been recommending a bullish position from around the 124 /15 level as I think today’s action was positive due to the fact that the Dow Jones Industrial Average is up about 350 points today, however it didn’t have a big impact on prices.
If you took the trade recommendation there are 2 possibilities for exit strategies the 1st would be at the 2 week low which was hit on May 3rd at 122/30 or you could go to the 2 month low which was hit on April 17th at 122/20 as the risk would be about another $325 as I think that would make more sense for most trading accounts.
The 10 year note is trading above its 20 & 100 moving average as it still looks to me that prices will break the contract high which was hit on March 27th at 124/31 as prices are right near a 7 week high as money flows are coming back into the sector.
Even though yields historically speaking are extremely low at 2.40% there are still many countries that have negative interest rates which is shocking in my opinion as those countries do not have economies that come close to the United States.
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