Dec 29, 2004


The 10-yr yield managed to close back above its 200 day moving average today. It looks as if the move below November's yield low was a one-day shake out. The more muted buying in the 5-yr and complete lack of confirmation from stocks makes that case seem pretty strong.

The flipside is that it is a holiday week. I would guess we will retrace some of the move next week giving a short entry

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