I had mentioned the $0.90 - $1.00 resistance zone in an October message and today we traded into the zone with a high trade of $0.99. We have come back below that zone. I wish we had volume every day like we have had today. I am wondering if this pop today is from the Cell and Gene Therapy World conference from Tuesday and Wednesday where HEMA was presenting. Maybe an investor or investors were impressed by the presentation.
The ten year is going to have a hard time getting below 2% so when we get close to that level, you will see selling. The fundamentals make no sense for yields to be this low. The way that we sold off hard into the trading close tells me that it could have been some position lifting by China. China has easily over $100 billion to sell as they look to free up cash and a lot of that will be in 30 year and 10 year treasuries.