MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: pater tenebrarum who wrote (19943)	7/12/1999 1:42:00 PM
From: J. P.	Read Replies (1) of 99985

Nice head and shoulders on the TYX yield, confirmed today by breaking critical support. Look at the data from June 1, it's almost textbook. If we break down to the next support at 5.75, we're looking at a larger H & S that starts with the May 3 data. I would only be a very short term seller of bonds here, because we are short term overbought. But longer term, I'd be a buyer of bonds. I gave up trying to figure out lately what the correlation is between debt and equity instruments....

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