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Broz on Bonds: S&P 500 Index a Trading Market

Jack Broz

Comments adjusted on 12/09:  

  • US 30-Year Bond: It’s hard to expect too much on a “report-less Monday” ahead of an FOMC meeting … If we get weakness, favor it to move thru 149.12 to the pivotal(s) below. … Strength doesn’t really interest me until the bulls take out 150.30.
  • US 10-Year Treasury Note: The KEYS here are 133.09 downside -- a failure there goes after both pivotals further down and 133.28 (I’ll like the upside MUCH better above 133.28).
  • US 5-Year Treasury Note: Although I’m still favoring selling here, we need to respect the bulls as long as trade is above this pivot (there are targets up near 125.21). Trade below 124.13 targets 124.035.  
  • S&P500 Stock Index:  They turned SPs into a “trading market” after the number Friday – which makes a little sense as we wait for the FOMC. … What interests ME here is: trade above 1422.50 moves to 1430; 1400 is going to be a TOUGH level – but don’t get caught long below there.