10 Year Note Futures—The 10 year note in the September contract is currently trading at 130/02 after settling last Friday in Chicago at 128 / 27 continuing its bullish momentum as prices are right near a 3 year high.
At the present time there are 12 countries worldwide that now have negative interest rates as it certainly looks like the yield on the 10-year note which now stands at 1.68% could go all the way down to the 1% level in the coming months ahead as the Federal Reserve will be forced to lower rates at this time.
I have been recommending a bullish position from around the 128/00 level and if you took that trade the stop loss remains at 127 /00 as the chart structure will not improve until later next week therefor the monetary risk remains the same. Earlier in the week yields went down to the 1.59% level before profit-taking came about as this trend is very strong to the upside as we have the most expensive rates in the world as money flows are pouring in and that situation is not going to end anytime soon.
The U.S stock market has dropped about 6% from the of all time high just over the last couple of weeks experiencing crazy volatility & as long as that situation develops money will continue to enter into this sector so stay long as I will be looking at adding more contracts to the upside once the risk/reward become more in your favor.
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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